Overseas Union Enterprise, a Singapore-based hotel and shopping center operator, won’t proceed with a planned sale of convertible bonds due to market conditions, according to a Singapore stock exchange statement.

The company said May 31 it would sell as much as $200 million of convertible notes due 2015 and earlier this month said its controlling shareholder, Golden Concord Asia, would sell up to 52 million shares.

 

Overseas Union said today Golden Concord would sell 18 million shares at $11.50 each, and advised stockholders to “exercise caution when dealing in their shares.” The company said it would “keep its financing options open,” including proceeding with a convertible bond sale in the future.

 

Stock in Overseas Union fell 24% to $12.18, headed for its lowest close since April 5, as of 2:17 p.m. in Singapore.