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