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LMIRT to hold virtual dialogue on proposed Jakarta mall acquisition

LIPPO Malls Indonesia Retail Trust (LMIRT) will conduct a virtual dialogue session with the Securities Investors Association Singapore (Sias) regarding the trust's proposed acquisition of Lippo Mall Puri in Jakarta.

The session, to take place from 6pm to 7pm on Dec 2, is open to all, including non-unitholders, LMIRT said in a regulatory filing on Thursday evening.

James Liew, executive director and chief executive of the LMIRT manager, will deliver a presentation on the planned acquisition and the proposed rights issue at the dialogue. He will be joined by board members of the manager to address questions during the session, which will be facilitated and moderated by Sias.

Those interested to attend can register online at by 6pm on Nov 30. RSVPs will be accepted on a first-come, first-served basis, as limited slots are available.

In a separate filing on Thursday, the manager responded to the Singapore Exchange's (SGX) query about its stock's unusual trading volume in recent days.

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About 33.6 million LMIRT units changed hands on Thursday, with the stock price rising 1.1 per cent or 0.1 Singapore cent to finish at 9.3 cents.

After market close, the LMIRT manager told SGX that it had on Nov 23 issued a notice of extraordinary general meeting (EGM) to unitholders and published its circular in relation to the proposed Lippo Mall Puri deal, a S$281 million rights issue, a whitewash resolution and a proposed loan facility of up to S$40 million.

It added that it is not aware of any information not previously announced concerning the trust that might explain the trading activity, and confirmed that it is in compliance with the mainboard listing rules.

LMIRT will hold its EGM via electronic means at 10am on Dec 14.

In August, the manager said it was planning to buy the strata title units of Lippo Mall Puri at a reduced price of 3.5 trillion rupiah (S$330.2 million), down from the 3.7 trillion rupiah announced in March 2019.

This followed an updated revaluation of the mall to account for the impact of the Covid-19 outbreak, the manager said then.

As at Friday's midday break, LMIRT units fell 3.2 per cent or 0.3 Singapore cent to nine cents, on 4.9 million units traded.

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