Reports: Hin Leong Looking to Sell Stake in Singapore Storage Terminal Business

by Ship & Bunker News Team
Thursday May 21, 2015

Hin Leong Trading Pte (Hin Leong) is said to be gauging potential buyers for interest in a minority stake in Singapore oil-storage provider Universal Terminal (S) Pte Ltd (Universal Terminal), Bloomberg Business reports.

Hin Leong, who is understood to be working with HSBC Holdings Plc (HSBC) on the matter, has not itself commented on the news but is said to be considering the sale of about a $500 million stake in the Jurong Island terminal.

Hin Leong holds 65 percent ownership in the petroleum storage terminal, while PetroChina Co. holds the remaining 35 percent.

In December, Hin Leong is reported to have decided against seeking an estimated S$1 billion ($753 million) share sale through an initial public offering (IPO).

Beginning operations in 2008, Universal Terminal reports being one of largest independent petroleum storage terminals in Asia Pacific, with 2.33 million cubic meters of storage capacity, 78 storage tanks and 15 jetties.

In November, it was reported that the Universal Terminal had begun looking for potential investors for an IPO.