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Mandarin Oriental receives proposals for The Excelsior in Hong Kong

Stanislaus Jude Chan Published on Fri, Sep 15, 2017 / 5:52 PM GMT+8

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SINGAPORE (Sept 15): Mandarin Oriental International says it has received proposals from potential purchasers to acquire the group’s The Excelsior hotel in Hong Kong.

In a filing to SGX after market close on Friday, Mandarin Oriental says these proposals will form the basis for further consideration of its strategic options. It stressed that no assumptions should be made at this point on whether the property will be sold.

Shares in Mandarin Oriental surged 20.8%, or 44 US cents higher, to close at US$2.56 on Friday, making it one of the top gainers for the day. Year to date, its share price has doubled.