Hyundai Oilbank to go public in fall
[THE INVESTOR] Petroleum and refinery company Hyundai Oilbank will go public in the fall of this year, according to chief of Hyundai Heavy Industries on Monday.
“We plan to float Hyundai Oilbank on the stock market this year and we are in the process of selecting a lead underwriter. The firm will go public around September and October,” said Kwon Oh-Gap, CEO of Hyundai Heavy Industries, in a press briefing.
Hyundai Oilbank is a key affiliate of Hyundai Heavy Industries that holds 91.1 percent of stake.
Analysts said the second half is the right time for Hyundai Oilbank that posted record sales last year and is also expected to see a good performance this year due to steady growth in both oil refining and non-oil refining sectors.
“Because it saw record operating profits over the last two years, there is high expectation in going public in the second half,” said Cheong Dong-ik, an analyst at KB Investment & Securities.
It posted 16 trillion won (US$14 billion) in sales and operating profit of 1.2 trillion won last year, more than 30 percent rises on-year respectively.
Kwon also said Hyundai Heavy Industries aims to reach 70 trillion won in sales by 2022 and address the cross-shareholding circle this year.
By Shin Ji-hye/The Korea Herald (firstname.lastname@example.org)