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Lippo Karawaci bags $1.37b funding; names new CEO

Lippo Karawaci bags $1.37b funding; names new CEO.

Moves part of push to transform firm, 'right size' balance sheet and boost liquidity

Indonesian real estate developer Lippo Karawaci has secured US$1.01 billion ($1.37 billion) in funding from a rights issue and asset divestment.

It has also appointed Mr John Riady as chief executive and Mr Surya Tatang as chief financial officer, both with immediate effect as part of a transformation plan to "recapitalise" the company, revamp its leadership and refocus its business on three core competencies - urban housing, lifestyle malls and healthcare.

The US$1.01 billion in funding comprised US$730 million from the rights issue underwritten by the Riady family and US$280 million from asset divestments.

To read more: https://www.straitstimes.com/business/property/lippo-karawaci-bags-137b-funding-names-new-ceo

Adapted from The Straits Times 13 March 2019