Lippo Malls Indonesia Retail Trust 'reviewing' if it should defer perp coupon in June
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LIPPO Malls Indonesia Retail Trust (LMIRT) has not yet decided if it will defer an upcoming distribution to perpetual securities holders payable on June 19, and will only make a final decision early next month, it said.
The Indonesian retail landlord was addressing concerns over how it will manage its cash-flow uncertainty as Covid-19 has caused it to forgo 1.5 months of rental income, with no guarantee as to when its malls can reopen.
In a research note dated May 5, OCBC credit analyst Wong Hong Wei flagged that LMIRT had not accrued distributions to perpetual holders under the statement of distribution in its first-quarter results filed on April 30, contrary to what it did last year.
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