SINGAPORE, April 27 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
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
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