KUALA LUMPUR, Dec 8 — Malaysia Airports Holdings Bhd (MAHB) is offering a new relief package to all its retailers with 100 per cent rental rebates for six months, from July to December 2020.
In a statement today, MAHB said the new relief package supersedes the one announced in September, where airport retail tenants are given rental rebates of up to only 50 per cent for six months in 2020.
This followed the six months moratorium on rentals, which took effect from May to October.
For pre-existing retailers who have signed up under the commercial reset programme, the relief package is customised to offer 30 per cent rental rebate beginning January 2021, with a mechanism to compensate them with contract extension based on actual traffic growth rate, MAHB said.
“From 2021 onwards, pre-existing retailers will only be charged rental based on the actual passenger growth rate at the airport. For example, if the passenger traffic is at 20 per cent, then they will only pay 20 per cent of the full rental.
“The new rental model, which is applicable for those under the commercial reset programme, will enable eligible retail tenants to enjoy up to 30 per cent rental reduction from the current rates, with the added benefit of compensating the gap in traffic lower than 70 per cent with extended contract period,” it said.
In addition, it said airline partners will also enjoy up to 30 per cent rebate on aeronautical charges such as landing, aircraft parking, aerobridge and check-in counter charges, but not the Passenger Service Charge.
MAHB chief executive officer Datuk Mohd Shukrie Mohd Salleh said the relief package was introduced in response to pleas from tenants who are facing cash flow challenges, especially with the re-imposition of the conditional movement control order (CMCO) in most states.
“What we are doing for our retailers is over and above any assistance package offered by any city malls, and we believe that it is a fair package for all parties under the circumstances.
“It is with this guiding principle in mind that we took this step to offer the additional rebates despite being in the red ourselves for the last three quarters, and this will reduce our cash reserves further,” he said. — Bernama
