Platinum Oil eyes bigger market share
SHAH ALAM: Lubricant manufacturer Platinum Oil & Gas Sdn Bhd (Platinum O&G) aims to capture three per cent share of the vehicle lubricant market by 2016.
The company, which started operation in 2010, now has a less than one per cent share of the RM2.2 billion market.
Executive chairman and chief operating officer Datuk Suhaimi Hashim said the target is achievable with the company’s expansion of product distribution channels, which will soon include online medium.
"We have engaged with our IT (information technology) solutions business partner to provide the necessary platform for us," he said here yesterday, after the signing a memorandum of agreement (MOA) with a distributor from Seremban.
Platinum O&G has over 200 dealers and distributors nationwide, except Sabah.
Hashim said the company will cover the whole country soon as it plans to appoint distributors in Sabah, latest by October.
The company also supplies to over 20 countries under the original equipment manufacturer (OEM) platform, including to Japan, Sweden, the US, Bangladesh, Indonesia and South Korea.
Hashim said it has been registering an average of about RM3 to RM4 million revenue annually, and that it aims to more than triple this to RM12 million next year.
Platinum O&G has 11 products, with prices ranging from RM38 to RM288 per unit.
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