INDONESIAN real estate developer PT Lippo Karawaci Tbk has secured US$1.01 billion in funding from a rights issue and asset divestment. It has also appointed John Riady as CEO and Surya Tatang as chief financial officer, both with immediate effect, in a transformation plan to “recapitalise” the company, revamp its leadership and refocus its business on three core competencies.
The rights exercise share price of 235 rupiah per share is at a discount of 8.2 per cent to the last closing price of Lippo Karawaci as at March 11. The rights issue is subject to approval at an annual general meeting of shareholders scheduled for April 18, and a rights issue registration statement declared effective by the Indonesian Financial Service Authority . The rights issue is expected to be completed in the first half of 2019, with further details to be announced in due course.
The funding programme aims to"right-size" Lippo Karawaci’s balance sheet through deleveraging and repayment of up to US$275 million of debt obligations; provide it with sufficient liquidity buffer to fund debt interest and Reit rental obligations through year end 2020; and “unlock shareholder value” through investments in existing key projects.
The funding programme will also help ensure sufficient liquidity buffer of US$290 million for all debt interests and Reit rental obligations up to year end 2020. This is along with an excess cash buffer of US$25 million for working capital and general corporate purposes.
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