SINGAPORE Aug 13 Singapore's Universal Terminal
plans to raise as much as S$1 billion ($800 million) in an
initial public offering of units of a business trust, sources
with direct knowledge of the matter told Reuters.
The trust will be backed by oil storage terminals, the
sources said on Wednesday.
DBS, HSBC and Standard Chartered are the banks on the
Singapore IPO, which is targeted for as early as December, the
Officials at Universal Terminal and the banks were not
immediately available to comment.
Universal Terminal, owned by Singapore's privately held Hin
Leong Group and PetroChina, operates one of the
largest commercial oil storage complexes in Asia.
(1 US dollar = 1.2504 Singapore dollar)
(Reporting by S. Anuradha of IFR and Saeed Azhar; Writing by
Rujun Shen; Editing by Ryan Woo)