SINGAPORE, Aug 13 (Reuters) - 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 sources said.
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)