Shares of Singapore-listed Orchard Parade Holdings (ORCH.SI) rose as much as 6.9% on Friday after it said it was in talks with Far East Organization over the possible injection of some assets into a real estate investment trust.
At 10:14 a.m., shares of Orchard Parade gained 5.2% at $1.525 with 391,000 shares changing hands. This was over 3.4 times its average daily volume over the last five sessions.
At 10:14 a.m., shares of Orchard Parade gained 5.2% at $1.525 with 391,000 shares changing hands. This was over 3.4 times its average daily volume over the last five sessions.
Orchard Parade’s statement came after a Reuters report on Thursday that Singapore property developer Far East Organisation plans to raise at least $500 million through the listing of some of its hotel and serviced residence assets in a real estate investment trust next year.
Far East’s Orchard Parade Hotel in Singapore, which is owned by Orchard Parade Holdings, may be among the assets spun off into the REIT, one of the sources said.
“If Orchard Parade sells its hotel to the REIT, this could see some one-off gains for the firm,” said a local trader.
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