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

Landmark Reit

12/03/2019 01:45

March 12 (Reuters) - Lippo Malls Indonesia Retail Trust
 LMRT.SI :
    *     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

    
      
     
    
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Further company coverage:  LMRT.SI 

 (Reporting By Sherry Philips)
 ((sherrymary.jacob@thomsonreuters.com;))