SEOUL– South Korean refiner Hyundai Oilbank Co. said Wednesday it has received preliminary approval for listing on the country’s stock market, taking one step closer to its much-anticipated market debut.
The approval by the Korea Exchange, the country’s main bourse operator, came amid spiking oil prices and woes over a recession.
Launched in November 1964, the refiner has made three attempts to go public so far.
It previously attempted to go public in 2012 and 2018 failed, as falling oil prices aggravated its bottom line. The firm re-applied for IPO assessment in December 2021.
In 2021, Hyundai Oilbank logged 20.3 trillion won (US$15.6 billion) in revenue and 565.3 billion won in operating profit.
Hyundai Heavy Industries Holdings and other affiliates own a combined 74.1 percent in Hyundai Oilbank.
Source: Yonhap News Agency