LMIRT extending mall closures in Indonesia to July 25

Jude Chan
Published Wed, Jul 21, 2021 · 08:20 AM

LIPPO Malls Indonesia Retail Trust (LMIRT) has extended the temporary closure of its malls in Java, Bali and Medan to July 25, the manager said in a bourse filing on Wednesday morning.

This is in line with the Indonesia government's extension of emergency public activity restrictions to the same date, as South-east Asia's largest economy struggles to keep a record surge in Covid-19 cases under control.

"Depending on the situation on the spread of Covid-19 in Indonesia, the period of such closures may be further extended," the trust's manager said.

Essential services such as supermarkets, pharmacies, banks and clinics within these malls will remain operational at shorter operating hours and capacity limits. While dine-in services are not permitted, restaurants and cafes will continue to operate to offer delivery and takeaway services.

The trust's manager said LMIRT will be extending rental waivers to tenants that are not permitted to operate during this period. It added that the extension of additional rental support and utilities and service charge discounts are being considered.

The manager said it is currently unable to ascertain the full financial impact of the crisis on LMIRT's financial performance as the Covid-19 situation remains uncertain.

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However, it said the trust has "sufficient financial resources to meet its near-term financial obligations".

LMIRT is expected to report its second-quarter results after the close of trading on July 26.

Units of LMIRT closed 1.6 per cent or 0.1 Singapore cent lower at 6.2 cents on Monday.

The manager had earlier announced the temporary closure of 16 malls and six retail spaces in Java and Bali from July 3 to 20. This was later extended to its malls in Medan, which were shuttered from July 12 to 20.

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