Reuters: Global Markets: Singapore's OUE shares jump on report of asset sale

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Singapore's OUE shares jump on report of asset sale Sep 19th 2012, 01:34 SINGAPORE | Tue Sep 18, 2012 9:34pm EDT 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.

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