SINGAPORE (March 11): OUE on Friday (March 10) announced it is exiting from a proposed integrated resort project in Incheon, South Korea. It was on March 18, 2014 that OUE first announced its intention to form a consortium with Caesars and Lippo Limited to develop the first foreign-owned integrated resort in South Korea, to be ready in time for the 2018 Winter Olympics. With its exit, OUE is also selling its right to acquire a plot of land adjacent to where the resort is to be constructed. The buyer is R&F, which is acquiring the right for US$2 million, contingent to certain considerations. Shares of OUE closed 6 Singaporean cents higher at S$2.14 on Friday.

Source: The Edge Markets March 13, 2017 05:37 UTC