SINGAPORE (Nov 26): On Nov 5, Lippo Karawaci revealed two likely restructurings that affect its Singapore-listed real estate investment trusts: It plans to divest Jakarta’s largest mall to Lippo Mall Indonesia Retail Trust (LMIRT), and to sell its remaining stake in First REIT. In a response to a Fitch Ratings downgrade announcement on the same day, Lippo Karawaci said: “The company regrets the decision of Fitch to lower LPKR [Lippo Karawaci]’s rating from B to CCC+ and believes that the decision was unsubstantiated.” Lippo Karawaci is the sponsor and major unitholder of LMIRT. LMIRT’s share price has fallen by half this year, from 40 cents on Jan 2 to 20 cents on Nov 22.  

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