United Petroleum cancels plans for 2016 IPO

United Petroleum has scotched plans to float on the Australian Securities Exchange for the second time in as many years, following reports an IPO would go ahead by December 31.

The public offering was anticipated to be worth close to $1 billion, however AFR reported yesterday that United Petroleum and its advisors had ceased work on the listing plans.

United had already filed documents with the Australian Securities and Investment Commission (ASIC) to effect the IPO.

In September this year United appointed new CEO Gary Brinkworth, who has already taken the reins, while former Tatts Group CFO Neale O’Connell will move across to the same role at the petrol retailer in February 2017.

Last year United Petroleum marketed a 50 per cent sale of the company or public float worth up to $1.5 billion, courting Hong Kong investors, however plans were put on hold in April 2015. And in 2013 the company cancelled plans for a float after attracting the interest of South Korean refiners S-Oil and SK Innovation Company.

C&I Week has approached United Petroleum CEO Gary Brinkworth for comment.

United Petroleum is an Australian-owned company with 338 sites nationally operated by franchisees and commission agents.

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