Boustead sets aside Rm18mil to assist firms and retailers

PETALING JAYA: Boustead Properties Bhd has provided rental waivers and rebates, commercial and other assistance worth approximately Rm18mil to almost 350 tenants at its six commercial properties nationwide to help them weather the severe economic impact of the pandemic.

In a statement yesterday, the wholly-owned subsidiary of Boustead Holdings Bhd said the financial relief was extended to retail and commercial tenants, particularly small and medium-sized enterprises (SMES) experiencing unprecedented strained cash flow during the various phases of the movement control order (MCO).

Chairman Datuk Seri Mohamed Khaled Nordin said during MCO 1.0 and 2.0, the financial relief borne by Boustead Properties aided tenants in a cross-spectrum of essential and critical trade and service categories.

“With the retail sector being among the hardest-hit by the pandemic, Boustead Properties’ initiatives have enabled these retailers and occupants to continue operating, benefiting both tenants and shoppers,” he said.

Mohamed Khalid, who is also the chairman of Boustead Holdings, said on the commercial side, these measures have helped to alleviate the burden on tenants at Menara Boustead, Menara Boustead Penang, Wisma Boustead and Nucleus Tower.

He said tenants of these properties comprised those providing legal services, financial asset management, insurance, trading, travel, telecommunications, engineering, advertising, healthcare and sales services, as well as eateries, SMES and government agencies.

“The group will do what we can to mitigate the impact of the pandemic, while we look forward to the reopening of the economy and the recovery phase,” he added.