Asia/Pacific News
Hin Leong Group Moving Forward With Singapore Storage Sale
Singapore-based Hin Leong Group is moving ahead with plans to sell a 49 percent stake in oil storage company Universal Terminal, the Wall Street Journal reports.
According to unnamed sources, a sale memorandum has been sent to various interested parties, and the first round of bids are due in August 2015.
Rumours of the sale first came to light last month after it was revealed that a planned initial public offering (IPO) of Universal Terminal had been scuttled due to weak oil prices.
Hin Leong reportedly owns 65 percent of Universal Terminal, with the remaining owned by PetroChina Co.
The sale of Hin Leong's stake is expected to net the company $500 million, with reports theorizing that the funds would go towards expanding the company's operations in Southeast Asia and its forays into other energy businesses such as natural gas.
The company was reportedly not immediately available for comment.
Last month, it was reported that Universal Terminal had originally planned an IPO of up to $1 billion ($753 million).
