Hin Leong mulling Universal Terminal sale: sources

Singapore

UNIVERSAL Terminal's biggest shareholder is considering the sale of about a US$500 million stake in the Singapore oil-storage provider after an initial public offering was pulled last year, people with knowledge of the matter said.

Oil trading company Hin Leong Trading, founded by Singapore businessman Lim Oon Kuin, is approaching potential buyers to gauge their interest in a minority stake in Universal Terminal, the people said. Hin Leong is working with HSBC Holdings, they said, asking not to be identified as the information is private.