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Thursday, August 26, 2010

Lippo Karawaci sets US$80 million capex

Lippo Karawaci sets US$80 million capex

Thursday, 26/08/2010 20:33:04 WIB
by: Irvin Avriano A.

JAKARTA: Publicly listed PT Lippo Karawaci Tbk (LPKR) sets US$70-US$80 million of capital expenditure (capex). The source of funds shall be derived from its bond issuance.

“30% of the capital expenditure will be generated from the bank loan, while the remaining 70% is derived from the bond issuance,” said President Director of Lippo Karawaci Ketut Budi Wijaya to the press this evening.

The bond issuance refers to the dollar-denominated debt securities issued by the company through its subsidiary Sigma Capital Pte Ltd amounting US$270 million in the second quarter of 2010.

From such bond issuance, the company also expects to construct three hospitals. The company has started the construction of two hospitals located in Tanjung Bunga, Makasar and a teaching hospital in Lippo Village, Jakarta.

Besides, the company will also use part of such fresh funds to build a real estate/apartment project in St.Moritz, Jakarta and Kemang Vilage, South Jakarta.

Ketut added that the company will find another way to seek any other source fund in order to finance those projects. One of the options is by conducting right issues.

“We still have the option to hold new stocks placement.”

The funds needed to construct such apartment reaches US$1 billion-US$2 billion as the company expects to finalize the construction over the next seven and eight years.

PT Almaron Perkasa Director Rusli, Lippo’s subsidiary controlled Kemang Villange, said that the keys handover of those three apartment towers shall begin by September and October this year.

There will be around 180-200 units per tower.

“For the initial phase, we will own seven towers,” said Rusli who also acts as director in Lippo Karawaci.

In the initial project construction, the company only executed around 9 hectare out of 15 hectare area, so Almaron Perkasa may still exploit a quite wide area in order to develop such project.

Lippo Karawaci stocks rose by 1.96% at IDR520, making the market capitalization at IDR8.89 trillion. (t02/wiw)

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