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Indonesia Real Estate Investment Trust

Lippo Malls Indonesia Retail Trust Deposits Funds For Distribution Payment As Restrictions Ease

Lippo Malls Indonesia Retail Trust Deposits Funds For Distribution Payment As Restrictions Ease

June 16, 2020 — Lippo Malls Indonesia Retail Trust announced that it has deposited S$3.97 million ($2.85 million) with Citibank, N.A., London Branch as paying agent for its S$120.0 million 6.6% subordinated perpetual securities. The move is to satisfy the distribution payment due on June 19, 2020.

The Trust issued perpetual securities of S$120.0 million at a distribution rate of 6.6% per annum in June 2017. The perpetual securities confer the right to receive distributions semi-annually. However, the trust has the discretion to elect not to pay any distribution for each period.

The Indonesian Government has started to ease restrictions that have been put in place to counter the spread of Covid-19. Amidst a stabilisation in the situation around the pandemic in Indonesia, the majority of LMIR’s retail malls and spaces resuming operations. Further, with adequate financial resources within LMIR backed by key relationship banks including CIMB Bank Berhad, Singapore Branch and BNP Paribas, LMIR will be making the distribution payment in accordance with the terms and conditions of the perpetual securities.

Read the statement here..

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