United Petroleum is reportedly planning to list on the Australian Securities Exchange by the end of the year.
Fairfax Media’s Street Talk reports the fuel retailer has filed documents with the Australian Securities and Investments Commission, with the intention to list on the ASX by December 31.
According to Fairfax Media, United Petroleum’s sponsor brokers, Credit Suisse and Morgan Stanley, plan to have the company “in front of potential investors in the coming weeks”.
United Petroleum, an Australian-owned company with 338 sites nationally operated by franchisees and commission agents, was first rumoured to be considering a public listing last year.
It comes two weeks after the Fair Work Ombudsman released findings on United Petroleum after conducting random audits in September last year.
The audit, which commenced after media reports alleged some employees were being paid as little as $10 an hour, uncovered that six of the 11 audited sites were breaching workplace laws, including underpaying staff by thousands of dollars.
The Fair Work Ombudsman has since announced United Petroleum has agreed to talk “later this year” about a compliance partnership.
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