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Hot stock: Lippo Malls down 8% to eight-month low of S$0.395

INDONESIA retail mall owner Lippo Malls sank after the lunch break, and is down 8 per cent to S$0.395 at 1.30pm, a low not seen since March.

More than 25 million shares have been traded, boosting the real estate investment trust (Reit) to among the top stocks by value traded on Monday.

No news was announced that might explain the fall. The latest announcement, made on Nov 15, was about the results of a consent solicitation exercise on some of its senior notes or perpetual securities.

Data from Google Finance shows large blocks of shares changing hands right before the break, and moderate activity after.

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On Oct 24, it confirmed earlier media reports that it was considering a rights issue to fund acquisitions and reduce debt, and it has asked banks to pitch for a role.

It said then that it did not expect any equity fundraising this year, and that a rights issue is merely one of its fundraising options.

On Nov 13, it said that it has obtained an S$80 million unsecured uncommitted revolving credit facility from CIMB.