Mallplaza will reduce remuneration of top executives and dividend distribution to shareholders

Today Mallplaza held its shareholders meeting, in a context marked by the crisis caused by the coronavirus, which has not allowed the normal operation of shopping centers and which has kept them mostly closed.

Along these lines, the company’s shareholders ‘meeting decided to lower the dividend for this year from 40 to 30% and decrease the directors’ diet. Along these same lines, the company reported that the remuneration of its main executives when considering a fixed and a variable component, the latter linked to financial performance, will see their incomes decrease in the order of 35 to 40% in the period.

“The moment, certainly, requires of us all exceptional efforts, the company as a whole, our collaborators, our business partners and suppliers,” said Fernando de Peña, general manager of Mallplaza.

The executive explained that the current contingency finds Mallplaza in a favorable situation to tackle and respond to the crisis. This is due to its low and long-term indebtedness, with a duration of around 7 years and no relevant debt maturities this year, and due to its high liquidity levels that exceed US $ 320 million and with all its assets operating in Chile, Peru and Colombia.

“The past few months have been challenging and uncertain for everyone. We have experienced moments in which the operation of our shopping centers has been put to the test, and we think we have acted and responded in a responsible manner, always keeping in view the health of people and the long-term sustainability of the business, ”said de Peña.

At the shareholders’ meeting it was detailed that Mallplaza has kept 26% of its leasable area in operation, in line with those established by the health authorities for the continuity of access and supply of essential goods and services.

In addition, it was specified that the company is working on a strategy to deepen the gradual opening of its shopping centers, abiding by the protocol of the health and economic authority.

“This is a time that requires flexibility and the ability to adapt to a new normal. While waiting for a vaccine, which can take more than a year, we must redouble our efforts to take care of people’s health and gradually resume the different activities of daily life, such as commerce, “said the general manager.