UOL clarified on Thursday that it was in confidential discussions to acquire an office property in Sydney, Australia, after a media report said it was a done deal.
“The company wishes to state that it is currently in preliminary confidential discussions with a party on the possible acquisition,” it said in a filing to SGX on Thursday.
“The discussions are on-going and no definitive terms or formal legal documentation have been agreed upon between the parties. Further, there is no certainty or assurance whatsoever that any transaction will arise from these discussions,” it added.
The filing to SGX followed a report in the Australian Financial Review that Proprium Capital Partners Australia had doubled its investment in a year by selling north Sydney office property, 72 Christie Street in St. Leonards, to the Singapore company for around A$154 million.
UOL advised shareholders and potential investors to use caution when trading its stock as there was no certainty of a transaction.