April 23, 2020 / 4:39 PM / 3 months ago

Brazil's Iguatemi to offer shopkeepers discounts, while cutting 2020 capex

SAO PAULO, April 23 (Reuters) - Brazilian upscale mall operator Iguatemi Empresa de Shopping Centers SA aims to cut capital expenditure by 40% in 2020 to make up for a revenue drop after stepping in to help shopkeepers endure coronavirus-related lockdowns, its Chief Financial Officer said on Thursday.

The company, which closed all of its malls on March 19, will exempt shopkeepers whose stores were closed in April from paying rent, while also giving discounts on maintenance and promotional fees, CFO Cristina Betts told analysts in a call, adding March rent will be charged proportionally and collected in 5 installments as of October.

Reporting by Gabriela Mello Editing by Chizu Nomiyama

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