M&L Hospitality Trust shelves planned Singapore IPO-IFR
SINGAPORE, April 27
SINGAPORE, April 27 (Reuters) - M&L Hospitality Trusts, which owns hotels in Singapore, Australia and Japan, has put its planned initial public offering to raise up to S$509 million ($410 million) on hold due to subdued demand, IFR Asia reported on Friday.
Interest in the trust's offering came in at the low end of the indicative price range of S$0.80-S$0.87 a unit, IFR quoted sources as saying.
"The issuer is not in a hurry to sell, and is said to be looking at alternatives for its portfolio of business hotels in Singapore, Australia and Japan," said IFR, which is a unit of Thomson Reuters.
M&L had planned to sell 532.2 million shares, equivalent to 55 percent of the company capital, with an option to increase that by a further 53.2 million shares.
The M&L IPO was set to be Singapore's largest to date, but other larger offerings are in the pipeline, including Reliance Communication's undersea cable unit, and the IPO of the lucrative Formula One franchise.
DBS, JP Morgan and UBS were joint global co-ordinators and bookrunners for the deal. ($1 = 1.2412 Singapore dollars) (Reporting by Daniel Stanton and Charmian Kok; Editing by Kevin Lim)