Singapore's OUE shares jump on report of asset sale
SINGAPORE (Reuters) - Shares of Singapore property developer Overseas Union Enterprise (OVES.SI) jumped 10 percent to its highest level in more than a year after a newspaper report said it was planning to sell a hotel and retail asset in the city-state.
OUE shares hit an intraday high of S$2.90, the highest since August 2 last year, before retracing to S$2.89.
The Business Times reported on Wednesday that OUE could be selling its landmark Mandarin Orchard Singapore hotel and the adjoining Mandarin Gallery mall, valued at S$1.18 billion and S$520 million, respectively, last year.
American property fund manager Pramerica, partnering with Abu Dhabi Investment Authority, could be potential buyers, the Business Times reported, citing unnamed sources.
(Reporting by Charmian Kok; Editing by Jacqueline Wong)
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