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LIPPO MALLS INDONESIA RETAIL TRUST ANNUAL REPORT 2014
Related Party Transactions
Year ended 31 December 2014
The transactions entered into with related parties during the financial year, which fall under the Listing Manual and the
CIS Code, are as follows:
Name of Related Party
Aggregate value
of all related party
transactions during
the financial year
under review
$’000
PT Lippo Karawaci Tbk and its subsidiaries or associates
- Management fees
1
9,408
- Acquisitions fees
3,620
- Property management fees
3,478
- Rental revenue
22,001
- Acquisition of Lippo Mall Kemang
362,000
- Indemnity recovery for loss of income
503
HSBC Institutional Trust Services (Singapore) Limited
- Trustee fee
300
1
For the purposes of Clause 907 of the Listing Manual of the SGX-ST, in arriving at this figure, the market price of the LMIR Trust Units (being the
closing price of the Units traded on the SGX-ST on the relevant date of issue of the Units) issued to the Manager for the performance component
of its management fees, was used to determine the amount of the aggregate asset management fees paid to the Manager for the period from
1 January 2014 to 31 December 2014. A total of 13,307,947 LMIR Trust Units amounting to an aggregate of S$5,040,225 have been or will be
issued to the Manager as payment of the performance component of the asset management fees (as computed pursuant to the Trust Deed) for
the period from 1 January 2014 to 31 December 2014. In respect of the period from 1 January 2014 to 31 March 2014, a total of 3,143,222 LMIR
Trust Units at issue prices of $0.3954* per Unit, were issued on 15 May 2014 to the Manager. The market price at the date of issue was 41 cents
per Unit and the aggregate market value of these Units was S$1,288,721 based on this market price. In respect of the period from 1 April 2014
to 30 June 2014, a total of 3,076,826 LMIR Trust Units at issue prices of $0.4050* per Unit, were issued on 18 August 2014 to the Manager. The
market price at the date of issue was 42 cents per Unit and the aggregate market value of these Units was S$1,292,267 based on this market price.
In respect of the period from 1 July 2014 to 30 September 2014, a total of 3,086,064 LMIR Trust Units at issue price of $0.4006* per Unit, were
issued on 21 November 2014 to the Manager. The market price at the date of issue was 37 cents per Unit and the aggregate market value of these
Units was S$1,141,844 based on this market price. In respect of the period from 1 October 2014 to 31 December 2014, a total of 4,001,835 LMIR
Trust Units at issue price of $S0.3286* per Unit, will be issued to the Manager in due course. The market price and the aggregate market value of
these Units will be announced upon issuance of the units.
* Based on the volume weighted average traded price for a Unit for all trades on the SGX-ST in the ordinary course of trading on the SGX-ST for the
last ten business days of the relevant period in which the management fee accrues. Please also see Significant Related Party Transactions on note
3 in the financial statements.
SUBSCRIPTIONS OF LMIR TRUST UNITS
For the financial year ended 31 December 2014, an aggregate of 2,701,802,668 units were issued and subscribed for.
