Corrected: BRIEF-Lippo Karawaci to try to secure $1 bln in funding, appoints new leadership - statement

Landmark Reit

12/03/2019 02:38

(correct to say 'aims to secure, not 'secures' in first bullet)
    March 12 (Reuters) - Lippo Karawaci  LPKR.JK 
    * LIPPO TO AIM TO SECURE $1 BILLION IN FUNDING, APPOINTS NEW
LEADERSHIP-STATEMENT
    * FUNDING WILL CONSIST OF $730 MILLION RIGHTS ISSUE
UNDERWRITTEN
BY RIADY FAMILY & $280 MILLION PROCEEDS FROM ASSET DIVESTMENT
PLANS
    * RIGHTS ISSUE SUBJECT TO APPROVAL AT AGMS IN APRIL 2019
    * JOHN RIADY TO BECOME NEW 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

    
      
     
    
Source text for Eikon: []
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 (Reporting by Cindy Silviana)