Wednesday, 17 July 2019 | 17:19 WIB

Lippo Karawaci Set to Obtain US$ 280 Million from Inti Anugerah Pratama

rupiah currency (sisidunia)

JAKARTA, NETRALNEWS.COM - Property issuer PT Lippo Karawaci Tbk (IDX:LPKR), the leading integrated real estate developer in Indonesia, has announced today, Tuesday (3/21/2019), that PT Inti Anugerah Pratama (IAP) (the company's shareholder) and a wholly owned subsidiary of IAP, has conducted advanced subscription of US $280 million in cash to LPKR.

The advanced subscription is an advance capital deposit for the portion of the rights of the IAP in a limited public rights offering or rights issue valued at US $730 million announced by the company on March 12, 2019.

The amount deposited earlier will be considered as a payment for LPKR stock order approval in the rights issue at the same implementation price as the right to be granted to all LPKR shareholders, with a value of IDR 235 per share.

The funds deposited earlier is not subject to interest and cannot be repaid in cash.

John Riady, CEO of Lippo Karawaci, said the completion of the advanced subscription marked an important first step in the funding program and would strengthen the commitment to LPKR's strategic transformation.

"The funds obtained will be used to begin optimizing the balance sheet by fulfilling various short-term financial obligations of the company," he said.