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Lippo Karawaci to renegotiate rental support with First REIT

The Edge Singapore
The Edge Singapore6/1/2020 01:35 PM GMT+08  • 3 min read
 Lippo Karawaci to renegotiate rental support with First REIT
According to the Lippo Karawaci, revenues in some hospitals are down as much as 40-50% y-o-y
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SINGAPORE (June 1): PT Lippo Karawaci Tbk (LPKR) said that as a result of the Covid-19 pandemic in Indonesia and its material negative impact on hospital subsidiary Siloam's business, it wants to restructure its rental support agreements with First REIT, which owns the Siloam chain of healthcare properties.

First REIT, separately listed on SGX, drew an unusual trading query from SGX at 10.30 am. It dropped 11.3% to 78.5 cents before trading halt was called at 11.46am.

“These restructuring discussions reflect the Government of Indonesia's declaration of the current situation as a national disaster and extraordinary event. The level of subsidies is prohibiting spending to expand medical care and improve medical facilities across Indonesia,” said LPKR.

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