KUALA LUMPUR (April 6): The Mid Valley Megamall here, which was rocked by two minor explosions caused by gas leaks at two of its restaurants yesterday, said over 60 food and beverage (F&B) outlets are operating today, half of which are operational with full menus and the remaining are offering partial menus.

In a statement today, the shopping mall operator said the liquefied petroleum gas (LPG) distribution system at Mid Valley Megamall remains shut down and will only be reinstated once its safety is reassured.

"We have since commenced a full inspection of the gas distribution systems and tenants' kitchens with the Energy Commission.

"Once again, we would like to reassure you that the safety of our guests, visitors, tenants and employees remain our top priority," it added.

The incident had occurred at 9.45am yesterday during reinstatement work to the mall's LPG system after maintenance works. Eight people were reported to be injured in the explosion.

In a note to clients today, MIDF Research said impact from the explosion is minimal to IGB Real Estate Investment Trust (IGB REIT) — whose property portfolio consists of the Mid Valley Megamall and The Gardens — as it will be covered by insurance claim for damage.

"We are keeping our earnings forecasts and 'buy' recommendation as we see fundamentals of IGB REIT remaining intact despite the gas explosion incident," the research firm said, adding that dividend yield for IGB REIT remains attractive at 5.1%.

MIDF Research also noted that the stable rental income from its near-capacity occupation Mid Valley Megamall and The Gardens Mall suggests low earnings risk and great stability to unit holders.

"Strong demand for retail space in Mid Valley Megamall should underpin stable rental reversion and earnings growth," it said.

At 2.30pm, IGB REIT units were unchanged at RM1.55, with 223,600 shares traded. Its market capitalisation was at RM5.39 billion.