Sinarmas Land 6.4% higher on IPO talk

Singapore

SINARMAS Land Ltd shares jumped the most in seven months after people familiar with the matter said that the Indonesian developer backed by billionaire Eka Tjipta Widjaja had revived talks on a US$300 million initial public offering of a unit.

Sinarmas Land jumped as much as 7 per cent in Singapore on Friday, ending trading up 6.4 per cent at S$0.835, outpacing the 0.66 per cent advance in the benchmark Straits Times Index.