LMIR Trust seeks $63m in renounceable rights issue

A rights issue of 9.005 billion new units has been proposed.

LMIRT Management Ltd. has proposed a non-underwritten rights issue of up to 9.005 billion new units of Lippo Malls Indonesia Retail Trust.

The move is intended to raise gross proceeds of up to approximately $63m on a renounceable basis to eligible unitholders, according to a bourse filing.

The issue price is set at $0.007 per rights unit, representing a 53.3% discount to the closing price of $0.015 per unit.

The proceeds will be used to repay existing loans and related financial obligations, fund capital expenditure and general working capital, and cover fees and expenses connected with the rights issue.

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