LMIRT draws SGX query after volume surge

UNITS of Lippo Malls Indonesia Retail Trust (LMIRT) were hotly traded on Wednesday, prompting a query from the Singapore Exchange (SGX).

The counter had jumped 0.9 Singapore cent or 10.8 per cent to finish at 9.2 cents on Wednesday, on a turnover of 57 million units. This volume is more than nine times the 6.1 million units that changed hands on Tuesday.

As at 3.54pm on Thursday, LMIRT units were trading at 9.4 cents, up 0.2 cent or 2.2 per cent, with some 31.7 million units traded. ShareInvestor data shows that there were no married trades.

In a regulatory filing on Thursday morning, the bourse operator cited unusual volume movements, and asked LMIRT whether it was aware of any information not previously announced concerning the company, its subsidiaries or associated companies that might explain the trading.

It also asked the company if it was aware of any other possible explanations for the activity.

LMIRT's latest announcement before the SGX query was a notice on its extraordinary general meeting (EGM) to be held by electronic means at 10am on Dec 14.

Resolutions to be passed at the upcoming EGM include a planned acquisition involving Lippo Mall Puri in Jakarta and a proposed S$280 million rights issue to partially finance the deal.