SINGAPORE, March 20 (Reuters) - Singapore port operator
Jurong Port has completed its acquisition of a stake in a major
oil storage terminal in the city-state from the family behind
collapsed oil trader Hin Leong Trading Pte Ltd, a port spokesman
said on Saturday.
The spokesman said government-owned Jurong Port had
completed the purchase of a 41% stake in Universal Terminal from
the Lim family. He declined to give details on the transaction.
A lawyer for the family did not immediately respond to a
Reuters email seeking comment.
The deal marks the sale of the crown jewel among oil and
shipping assets owned by oil tycoon Lim Oon Kuin, his son Evan
Lim Chee Meng and daughter Lim Huey Ching.
It comes nearly a year after Hin Leong, once Asia's largest
oil trader, racked up some $4 billion in debt and entered court
Earlier this month, Singapore's High Court approved the
winding up of Hin Leong.
Reuters reported in February that Jurong Port was set to
take over the Lim family's shares in Universal Terminal. The
family managed and owned the stake through Universal Group
A previous sale of a stake in the terminal in 2016 valued
the whole terminal at more than $1.5 billion, industry sources
said at the time.
PetroChina International (Singapore) owns 25% of the
terminal while MAIF Investments Singapore, a unit of Australian
investment bank Macquarie Group, holds the remaining
The terminal, with 2.33 million cubic metres of oil storage
capacity and deepwater berthing facilities that allows two
supertankers to dock at the same time, is regarded as a most
prized asset invested in by the Lim family.
Jurong Port, a fully owned subsidiary of Singapore's
industrial property developer and planner JTC Corp, entered the
oil storage business in 2019 in a tie-up with independent
storage operator Oiltanking.
(Reporting by Anshuman Daga; Editing by William Mallard)