IPIC to sell Hyundai Oilbank stake for $2.2bn

International Petroleum Investment Co. (IPIC) has agreed to sell Hyundai Oilbank Co. to Hyundai Heavy Industries for $2.2bn after two courts ruled in favour of the transaction.

IPIC, the Abu Dhabi government investment arm, and Hyundai Heavy signed an agreement on Tuesday, the shipyard said in a regulatory filing on Wednesday. Sally Cho, a spokeswoman at a public relations firm representing IPIC, said she is checking the agreement, Bloomberg quoted her as saying.

Last month, Seoul Central District Court confirmed the right of Hyundai Heavy to buy the South Korean refiner from IPIC, backing a ruling in Singapore last year. IPIC appealed the decision to the Seoul High Court at the end of July.

The International Chamber of Commerce in Singapore said Nov. 12 that IPIC breached a shareholder agreement with Hyundai Heavy and ruled that IPIC should sell its 70 per cent stake in Hyundai Oilbank for 2.57 trillion won ($2.2 billion) to the Ulsan, South Korea-based company, Bloomberg added.