Edition:
United States

Lippo Karawaci secures $1 bln in funding, appoints new leadership - statement


Monday, 11 Mar 2019 09:45pm EDT 

March 12 (Reuters) - Lippo Malls Indonesia Retail Trust ::LIPPO SECURES $1 BILLION IN FUNDING, APPOINTS NEW LEADERSHIP-STATEMENT.FUNDING CONSISTS OF $730 MILLION RIGHTS ISSUE UNDERWRITTEN BY RIADY FAMILY & $280 MILLION PROCEEDS FROM ASSET DIVESTMENT PLANS.JOHN RIADY TO BECOME CEO.GEORGE RAYMOND ZAGE III AND CHOW TAI FOOK NOMINEE LIMITED TO TO PURCHASE RIGHTS AND SUBSCRIBE TO THE RIGHTS ISSUE SHARES FOR TOTAL COMMITMENT OF $70M .FUNDS TO BE USED FOR PARTIAL REPAYMENT OF DEBT OBLIGATIONS .FUNDS TO ALSO BE USED AS LIQUIDITY BUFFER FOR INTEREST AND REIT RENTAL OBLIGATIONS.BUSINESS STRATEGY TO FOCUS ON URBAN HOUSING, LIFESTYLE MALLS, AND HEALTHCARE.