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PT Lippo Karawaci restrategizes with new leaders, US$1B funding program

PT Lippo Karawaci Tbk. unveiled a comprehensive strategic transformation plan that will see the Indonesian property developer refocus its business through a new leadership team and a US$1.01 billion funding program.

To effect the company's plan to focus on three core competencies — urban housing, lifestyle malls and healthcare — Lippo Karawaci appointed John Riady as new CEO, Surya Tatang as CFO, Peter Yu as director of projects and Bret Matthew Ginesky as head of investor relations. Marshall Martinus will continue as COO.

An entirely new board of commissioners was also installed to oversee the strategic direction of the company. The board members are Stephen Riady, George Raymond Zage III, Kin Chan, Anangga Roosdiono and president commissioner John Prasetio.

The 2019 funding program, meanwhile, comprises a US$730 million rights issuance and a US$280 million divestment of assets. The Indonesian real estate developer intends to use proceeds from the program to reduce debt, invest in existing developments and as liquidity buffer for interest and real estate investment trust rental purposes.

For the planned 235-rupiah-per-share rights offering, the property company has already obtained US$70 million in commitments from two investors. The rights issuance is subject to the approval of the company's shareholders during the annual general meeting scheduled April 18 and the Indonesian Financial Service Authority. The company expects the exercise to be completed within the first half.

Meanwhile, Lippo Karawaci's asset divestment plan involves the US$20 million sale to OUE Lippo Healthcare Ltd. of stakes in two Myanmar-based joint ventures and the recently announced US$260 million divestment to Lippo Malls Indonesia Retail Trust of the Lippo Mall Puri in Indonesia.