LMIRT extends closure of all Indonesia malls, retail spaces to May 13

LIPPO Malls Indonesia Retail Trust (LMIRT) will be extending the closure of its 23 retail malls and seven retail spaces in Indonesia until May 13, in respect of the large-scale social restrictions imposed by Indonesia's health ministry.

During this closure period, the trust will not be collecting rent from its tenants, LMIRT's manager said in a regulatory update on Monday.

As the situation remains uncertain, the manager said it is currently difficult to ascertain the full financial impact of the crisis on the trust's financial performance.

That said, the trust remains in compliance of its financial covenants and has adequate financial reserves to fulfil its obligations in the foreseeable future, it added.

The temporary closure may be further extended depending on measures taken by the local authorities regarding the spread of the novel coronavirus in Indonesia.

The closure was initially for a minimum of two weeks starting April 1, the manager announced on March 31.

Although the retail malls and spaces remain closed, essential services such as supermarkets, pharmacies and clinics will continue to be open with shorter operating hours from 11am to 6pm.

The manager added that LMIRT will also continue to support tenants that remain operational to serve online delivery orders.

LMIRT units were trading at 14.3 Singapore cents as at 12.53pm on Monday, up 0.6 cent or 4.4 per cent.