On August 21, the listed company Lopal announced that on August 20, Lopal held the fifteenth meeting of the second board of directors, deliberating and passing the “Proposal on the establishment of a wholly-owned subsidiary of the company in Singapore" .
The announcement stated that in order to expand overseas markets, to accelerate the strategic layout of Lopal internationalization development, expanding the sales share of environmentally friendly fine chemicals such as lubricants and antifreeze in the international market in Southeast Asia, and further strengthens the company's competitiveness in the international market. Lopal plans to invest 2 million US dollars to set up a wholly-owned subsidiary - Lopal Tech (Singapore) Co., Ltd.
As one of the leading companies in the domestic lubricant industry, the establishment of a wholly-owned subsidiary in Singapore is an important decision made by Lopal based on the overall consideration of the future international development strategy and the radiation of the Southeast Asian market. Lopal hired senior technical experts in the lubricant industry, Mr. Feng Yongming, former general manager of Afton's Asia Pacific region, as the head of Lopal Tech (Singapore) Co., Ltd. Mr. Feng is a Singaporean. He is very familiar with lubricants in Southeast Asia. He will manage Lopal Tech (Singapore) Co., Ltd., which will help Lopal expand the market in Singapore and Southeast Asia and enhance the company's competitiveness in the international market.
In addition, Mr. Feng will also serve as the chief scientist of Lopal and the dean of Lopal R&D Center. Mr. Feng will join Lopal and will play an important role in R&D innovation and product upgrade of Lopal.
August 21, 2018
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