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Wed Dec 16 2020 – 11:34 AM
The deal is for the Lim family’s roughly 40 percent stake in Universal Terminal, said the people, who asked not to be identified as the matter is private.
The sale would still need to get the support of Hin Leong’s creditors, one of the people said. It is unclear whether other bidders who were previously exploring their own deals are still challenging Jurong Port for participation.
If the sale goes through, it could help monetize one of the Lim family’s greatest assets, which is grappling with the fallout that has hit Hin Leong amid allegations of fraud. The former heavyweight in the global marine fuel trade owes $ 3.5 billion to more than 20 banks in one of the biggest commodity scandals in decades, while some creditors and court-appointed administrators have taken legal action against the family. to get the money back.
A representative for the Lim family did not respond to a request for comment. Universal Terminal comprises the majority of Lims’ business assets, which also include the business house and a fleet of vessels. A spokesman for Jurong Port also declined to comment.
The storage center has PetroChina Co and Macquarie Asia Infrastructure Fund as its other shareholders. A spokesperson for PetroChina International (Singapore) Pte said the company cannot comment on this issue. A spokesman for Macquarie also declined to comment.
Universal Terminal started operations on Singapore’s Jurong Island in 2008, and its facilities, which include 78 storage tanks and 15 docks, offer 2.33 million cubic meters of storage capacity, according to its website.
Universal Terminal was developed at a cost of S $ 750 million, making it one of the largest independent storage facilities for petroleum products in Asia-Pacific.
Singapore’s Jurong Port operates ports and terminals that handle cement, steel, containers and fuel in the city’s state. The company also has overseas projects in China and Indonesia.
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