SINGAPORE (June 15): The manager of Lippo Malls Indonesia Retail Trust (LMIRT) has announced Monday that it will be making the distribution payment according to the terms and conditions of the perpetual securities, in light of the easing restrictions in Indonesia, the resuming of operations for most of LMIRT’s retail malls and spaces, and adequate financial resources within the trust.

LMIRT has also deposited $4.0 million with Citibank’s N.A. London branch.

The bank will serve as the trust’s paying agent for its $120.0 million 6.6% subordinated perpetual securities to satisfy the distribution payment due on June 19.

The perpetual securities were issued in June 2017. They confer the right to receive distributions two times a year; LMIRT reserves the rights to not pay any distribution for each period.

As at 2.16pm, units in Lippo Malls Indonesia Retail Trust are changing hands 1.4% down, at 14.1 cents.