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Universal Terminal delays IPO plans: report

Market watchers point to the plunge in crude prices, and say caution now rules where oil businesses are concerned

Published Thu, Dec 4, 2014 · 09:50 PM
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Singapore

UNIVERSAL Terminal, the largest independent petroleum storage terminal in Singapore, has postponed its initial public offering (IPO) till February 2015, IFR has reported.

Its IPO, expected to be the largest one on the Singapore Exchange (SGX) since April 2013 and which was to have raised up to S$1 billion by this year-end, was likely the victim of the current bearish market sentiments on oil-related assets, given the plunge in crude oil prices.

The Business Times earlier reported that the units in the listing would likely take the form of stapled securities, believed to comprise a real estate investment trust (Reit) and business trust elements. If the listing of Universal Terminal - majority-owned by Singapore's Hin Leong Group - is successful, it would be the first Reit…

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