LMIRT faces opposition from unitholders on Lippo Mall Puri acquisition

THE acquisition by Lippo Malls Indonesia Retail Trust (LMIRT) of Lippo Mall Puri has been in the works for over a year. But two weeks before unitholders are due to vote on the transaction, opposition has arisen to the deal.

This week, LMIRT management revealed that it had on Dec 4 received a letter from some LMIRT unitholders requesting the addition of a new resolution for the upcoming extraordinary general meeting (EGM) on Dec 14.

Some 41 unitholders with over 6 per cent of the vote have asked that voting on the acquisition be postponed by at least three months so that a new valuation can be commissioned for the property.