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MAS REAL ESTATE INC - Voluntary announcement relating to impact of COVID-19 pandemic

Release Date: 16/03/2020 08:00
Code(s): MSP     PDF:  
Wrap Text
Voluntary announcement relating to impact of COVID-19 pandemic

MAS Real Estate Inc.
Registered in the British Virgin Islands
Registration number 1750199
SEDOL (EMTF): B96VLJ5
SEDOL (JSE): B96TSD2
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
(“MAS” or “the Company”)


VOLUNTARY ANNOUNCEMENT RELATING TO IMPACT OF COVID-19 PANDEMIC


Since the outbreak of the COVID-19 (“Coronavirus”) crisis in Italy, MAS’ management has been anticipating
potential disruption to the Company’s operations. With this in mind, contingency plans were made in case of
temporary enforced operational closures of investment properties and the Company’s administrative offices by
governmental authorities. These plans include: (i) preparations to enable administrative staff to work from home,
(ii) steps to minimise potential operational disruptions and limit potential operational costs and/or losses due to
restrictions on movement and building closures, and (iii) strategic actions to preserve the Company’s liquidity.

Actions to preserve liquidity and enabling staff to work from home were in place by 6 March 2020. Given last
week’s rapid developments, including the first enforced mall closures in Bulgaria and Poland, and the growing
recessionary risks, additional steps were put into effect.

Consequently, the Group has sufficient liquidity to comfortably meet its financial obligations and to see it through
the period ahead even if it would suffer significant revenue losses and postpone some or all of its planned Western
European assets sales for the 2020 calendar year. Management has prepared for further disruptions so that the
impact will be limited to the extent possible.

MAS is listed on the Main Board of the JSE and is listed and admitted to trading on the Euro MTF market of the
Luxembourg Stock Exchange.


16 March 2020

For further information please contact:
Dan Petrisor, MAS Real Estate Inc.                                                  +40 741 184 921
Java Capital, JSE Sponsor                                                           +27 11 722 3050
Harneys Luxembourg, Luxembourg Stock Exchange Listing Agent                         +35 22 786 7102

Date: 16-03-2020 08:00:00
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