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Monday, October 3, 2011

LPKR as IDR2.32 trio REITs' standbuy buyer

BI/market
2/10/11
Irvin Avriano A.

LPKR as IDR2.32 trio REITs' standbuy buyer

JAKARTA: PT Lippo Karawaci Tbk ready to be standby buyer for new unit issuance of real estate investment trust (REITs) worth S$336.8 million or equals to IDR2.32 trillion.

The matter was shown in one of the members of Lippo Group information disclosure to Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) today. The addition to the units of such investment product that known as dana investasi ril estat (DIRE) will carried out with rights issue scheme.

The REITs is named Lippo Malls Indonesia Retail Trust (LMIR Trust), managed by LMIRT Management Ltd. The product was supervised by HSBC Institutional Trus Service as trustee.

"Related with the LMIR Trust plan to issue 1,08 million new units worth S$336.8 million," said Lippo Karawaci President Director Ketut B. Wijaya in the announcement today.

Lippo Karawaci, said him, will execute its rights to buy the new units as a unit holder with portion 29.6%, and will execute any other new units that will not executed by other unit holders as standby buyer.

The new unit issuance will wait for the approval from extraordinary general meeting of unit holders that will held on Oktober 20th in Raffles City Convention Centre, Singapore.

The agenda of meeting was announced in Singapore Stock Exchange (SGX) today, as the place where the derivative product listed.

In the Singapore announcement, LMIRT Management Executive Director & CEO Viven G. Sitiabudi said the fund raise from the issuance will use by LMIR Trust to acquired Pluit Village, by buying otstanding shares of the commercial zone's owners.

The owners of Pluit Village is Grandley Investments Pte Ltd and Kindall Investments Pte Ltd. The transaction is arranged with Excel Investment Ltd stands on the seller side.

LMIR Trust was a result of name changing which happen in September 16th from previously named Lippo-Mappletree Indonesia Retail Trust.

Lippo Karawaci, which shares coded LPKR in IDX, is a main property business wing for Lippo Group. The listing of REITs never be done in Indonesia even when there are new rules issued by the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) in 2007.

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