Shareholders of PT Lippo Karawaci Tbk approved the company's plan to raise as much as 600 billion Indonesian rupiah from the issuance of up to 1,450,000,000 shares priced 635 rupiah apiece.
Proceeds from the company's proposed fourth rights issue will be used by PT Lippo Karawaci to maintain or raise its indirect ownership in PT Lippo Cikarang Tbk, with the remainder earmarked for working capital of the group.
Existing shareholders of the company will receive pro rata rights to subscribe to the new shares that will be offered under the rights issue, which is expected to be completed in the first quarter of 2018.
Aside from the fourth rights issue, the resignations of directors Lee Heok Seng, Jenny Kuistono and Johanes Jany were also approved during the Dec. 15 meeting, while Wijaya Subekti was named as a director.
As of Dec. 15, US$1 was equivalent to 13,577.00 Indonesian rupiah.