Hot stock: Manulife US Reit falls 27.5% after announcing recapitalisation plan

UNITS of Manulife US Real Estate Investment Trust (Manulife US Reit) lost as much as 27.5 per cent after resuming trading on Thursday (Nov 30) morning following a halt called on Wednesday.

The counter reached a low of US$0.066, down US$0.025 as at 9.25 am. It was also the most heavily traded by volume on the Singapore bourse at the time, with 33.4 million units changing hands.

On Wednesday, the Reit’s manager announced plans to raise funds through a mix of asset dispositions and a sponsor-lender loan to remedy the Reit’s financial covenant breach.