UD Group has announced the consolidation of its trading assets UIL Singapore, UIL Hong Kong and UIL Dubai under UD Trading Group Holding in a bid to create a global commodity trading entity.

The ferrous and non-ferrous metal trading, wind energy, mining and industrial activities player has also appointed Thomas McMahon as managing director and chief executive officer.

“The creation of UD Trading brings together our leading metal trading businesses under one powerful entity, while continuing to leverage the wider group’s passionate understanding of the metal trading market,” says group chairman Prateek Gupta.

UD Trading will be domiciled in Singapore given the supportive regulatory landscape, local infrastructure and its close strategic connection to stakeholders in the metals community.

Gupta added: “I am confident that under Thomas’ leadership, in addition to the existing trading expertise within UIL Singapore, Hong Kong and Dubai, UD Trading will be a key driver in the internationalisation of our business.

“Thomas McMahon has more than 25 years’ experience in commodities as well as derivative product creation, clearing and trading. He has held senior roles in a number of international commodity exchanges including NYMEX Tokyo and NYMEX Singapore as well as the Singapore Mercantile Exchange that he helped launch.

“There is no doubt that Singapore offers the ideal opportunity from which to continue UD Group’s unique growth story and as the global commodities story continues to drive this thriving market I look forward to working with the existing team to globally scale the business and take it to its next phase of growth,” says McMahon.