Hyundai Oilbank withdraws IPO shares application

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Hyundai Oilbank withdraws IPO shares application

Hyundai Oilbank, Korea’s fourthlargest refiner,rgest refiner, withdrew an application for an initial public offering of shares.

Investor sentiment toward the sale plan deteriorated because of worsening economic conditions, including a domestic slowdown and Europe’s continued debt crisis.

Hyundai Oilbank yesterday asked arranger Woori Investment & Securities to stop preparations for the share sale, which may be restarted in the future, according to the statement.

The refiner and its largest shareholder, Hyundai Heavy Industries, planned to raise as much as 2 trillion won ($1.7 billion) in the share sale, MoneyToday reported on April 13.

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