ISETAN Singapore and YTL Starhill Global Reit (SGReit) issued statements to the Singapore Exchange after trading hours on Tuesday, clarifying that no deal has been inked yet.
This is in response to an earlier article by The Business Times that SGReit has made an offer to acquire Isetan Singapore's share of Wisma Atria.
Both companies clarified that a non-binding expression of interest (EOI) from SGReit's manager has been sent to Isetan Singapore, but no definitive decision has been made.
The Japanese department store operator said that it is currently reviewing the contents of the EOI and evaluating whether the proposal is in line with its long-term strategy.
Isetan Singapore had called for a trading halt earlier, as its shares shot up by almost 10 per cent on the back of the news. Its shares closed at S$5.24, up 9.6 per cent, or 46 Singapore cents - surpassing its 52-week high of S$4.80.