Ascendas Hospitality Business Trust has removed a South Korean asset from its portfolio of hotel properties, prompting the company to reduce the number of units offered in its Singapore initial public offering and file a revised prospectus, sources with direct knowledge of the deal said on Wednesday.
The revised prospectus would be filed as soon as Wednesday, added the sources, who were not authorised to speak publicly on the matter.
The initial public offering was priced last week at $0.88 per unit, putting it on course to raise about US$350 million ($441 million).
Ascendas’ outside public relations company had no comment on the IPO plan.
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