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Hin Leong said to mull Universal Terminal sale after IPO pulled
[SINGAPORE] Universal Terminal Pte'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 Plc, they said, asking not to be identified as the information is private.
Universal Terminal, which is 65 per cent owned by Hin Leong, decided to postpone its IPO in December last year, people with knowledge of the matter said at the time. The company was planning to seek about S$1 billion from the share sale, according to the people.
PetroChina Co, China's biggest energy producer, owns the remaining 35 per cent of Universal Terminal. Representatives for Hin Leong didn't respond to e-mails and phone calls seeking comment.
Universal Terminal started operations on Singapore's Jurong Island in 2008. The company's facilities, which include 78 storage tanks and 15 jetties, offer 2.33 million cubic meters of storage capacity, according to its website.