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Mandarin Oriental's shares slump on The Excelsior sale setback

Stanislaus Jude Chan Published on Wed, Sep 27, 2017 / 4:31 PM GMT+8

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SINGAPORE (Sept 27): Shares in Mandarin Oriental International took a dive on Wednesday after the hotel group announced that none of the proposals received for the sale of its The Excelsior hotel property in Hong Kong fully met the group’s expectations or transaction requirements.

It added that it will continue to review all options, including the possibility of redeveloping the hotel into a commercial property.

As at 4.10pm, shares in Mandarin Oriental had fallen 29.2% to US$1.98, making it one of the top losers for the day.

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Mandarin Oriental's shares slump on The Excelsior sale setback