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Universal Terminal postpones up to S$1b IPO

Universal Terminal at Jurong Island
Universal Terminal at Jurong Island

[SINGAPORE] Singapore's Universal Terminal has postponed its up to S$1 billion (US$762 million) business trust initial public offering of oil storage terminals due to uncertain market conditions, IFR reported.

Listing is now targeted for before the Chinese new year in February, a source close to the deal said, IFR reported. "The company is monitoring the market conditions," the source said, according to IFR.

Books were to originally open on Dec 4 and listing was targeted for Dec 18.

Universal Terminal did not immediately respond to a Reuters email seeking comment.

Universal Terminal, owned by Singapore's privately held Hin Leong Group and PetroChina, is based on Singapore's Jurong Island and describes itself as one of the largest independent oil storage terminals in Asia.