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Hot stock: Mandarin Oriental share price dives almost 30% after sale of The Excelsior falls through
SHARE price of Mandarin Oriental International Limited plunged close to 30 per cent after the group said that none of the proposals received recently for the sale of The Excelsior, Hong Kong, had met fully its expectations or transaction requirements.
The stock was trading at US$1.99 as at 9.45am, some 28.67 per cent or US$0.8 down from its previous closing price of US$2.79. Some four million shares have changed hands.
"As the proposals have not provided the basis for the sale of the property at the current time, the company is continuing to review all options, including those that may result in redevelopment of the property into a commercial building," said the luxury hotel chain in a Singapore Exchange filing on Wednesday.