Seeking Alpha

PetroChina asset seeks $800M in Singapore IPO

  • Singapore-based petroleum storage company Universal Terminal, 35% owned by PetroChina (NYSE:PTR), reportedly is looking to raise 1B Singapore dollars (US$800M) from an IPO in the next year.
  • The company, majority owned by Singapore billionaire Lim Oon Kuin's Hin Leong Group, is said to be talking to banks for a potential listing through a business trust, and is in the process of seeking approval from its shareholders including PTR.
  • An IPO would test investor appetite for trusts in Singapore, Asia's top venue for such stocks, at a time when demand is flagging.
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