MTS Energy, agent for Sinopec lubricants, lists stock on Unlisted

Monday 10th September 2012

MTS Energy, an importer and distributor of automotive lubricants, has listed its shares on Unlisted, bringing total companies on the platform to 16.

The Auckland-based company has about 38.4 million fully paid shares on Unlisted, representing capital of $1.9 million, out of a total 74.8 million shares. The remaining 36 million need to be paid at 5 cents apiece. The stock didn't trade today.

MTS hasn't indicated it wants to raise more capital. It has 31 shareholders, predominantly Chinese.

The company began as a BP Petrol Station in the Katikati area and has been developing the market for lubricants since 2009, according to a statement. It acquired the lubricants business of ITrust Investment this year for $2.2 million including $500,000 of goodwill.

MTS is the New Zealand distributor for Chinese oil giant Sinopec China, it said.

In the year ended March 31, it recorded a profit of $17,094 on sales of $583,395. It had a $449,000 term loan with Westpac for 54 months and a 12-month loan from ITrust Investment of $587,279, its accounts show.

BusinessDesk.co.nz

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