Covid-19: LMIRT to close all malls, retail spaces in Indonesia for 2 weeks

LIPPO Malls Indonesia Retail Trust (LMIRT) will close its entire portfolio of 23 malls and seven retail spaces in Indonesia from April 1 for a minimum of two weeks, it said in a bourse filing on Tuesday.

The closure period may be extended if the Covid-19 situation worsens in Indonesia, the trust added.

Essential services at the properties - such as supermarkets, pharmacies and clinics - will remain open with shorter operating hours from 11am to 6pm. Tenants can also choose to continue operations that serve online delivery orders.

The manager said that while it is difficult to ascertain the full financial impact of the crisis as the situation remains uncertain, it is in compliance of its debt obligations and has adequate financial reserves to "fulfil its obligations in the foreseeable future".

LMIRT had previously closed 11 of its malls from March 27 to April 9 as a precaution in light of the coronavirus outbreak.

Indonesia has 1,414 confirmed Covid-19 cases and 122 deaths while 75 have recovered as at 11.36am on Tuesday.

Units of LMIRT were up 0.3 Singapore cent or 2.5 per cent to 12.1 cents as at 1.15pm, after the announcement was released.