The Malaysian REIT Managers Association (MRMA) is considering proactive measures to deal with the business implications brought by the Covid-19 pandemic.
In this regard, MRMA chairman Datuk Jeffrey Ng said the association will appeal to the government for additional reliefs in the form of further adjustments on electricity tariff, withholding tax exemptions for unitholders, as well as subsidies for statutory contributions, reported The Sun Daily.
Due to the implementation of the movement control order (MCO), which directed the closure of all government and private premises except those engaged in providing essential services like supermarkets, convenience stores, and pharmacies, Ng noted that businesses in certain sub-sectors within the REIT space in Malaysia are adversely affected at different degrees.
Hence, MRMA believes that this is the best time to show its support to its business partners, as well as its communities. The prerogative, however, still remains with the REIT managers, explained Ng.
“For the case of Malaysian REITs with retail segment exposure, the respective REIT managers are adopting a proactive stance in supporting their tenants through this difficult time. The degree and form of support may vary from one to another,” he said.
He further assured that MRMA “is committed to doing its best in fighting the pandemic with full support to the Malaysian government and all stakeholders”.
The MCO is extended until 14 April after it came into effect on 18 March.