Oct 25, 2010

LPKR eyes Rp2.38 trio rights issue

Property developer PT Lippo Karawaci Tbk (LPKR) had officially proposed rights issue worth Rp2.38 trillion to Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK) this week, which expected to be settle at least December 2010.
President Director of Lippo Karawaci, Ketut Budi Wijaya, said his party had officially registered the rights issue documents to Bapepam-LK this week, to receive approval from the shareholders.
The shareholders will asked to approve the new shares emission as much as 4.3 billion at price of Rp550 per unit.
"The shareholders who owned 100 units shares will have the right for 25 new shares at price of Rp550 per shares. This rights issue is expected to be settle on 27 December 2010," he said in the press release, this evening.
The corporate action, he continued, will increase the total fund of LPKR-coded shareholders as much as Rp2.38 trillion or 45.2% to Rp7.64 trillion. The fund will be used to finances the development of residential, malls, hospitals and working capital. 
Up to now, the recurring income of the property listed company was mostly gained from the residential division with contribution up to Rp1.16 trillion or equal 52% of its total income until September 2010, i.e. Rp2.23 trillion.
"Third quarterly is strong for residential. The recurring income reaching 52% and its overall images are encouraging. Fourth quarterly seem good, anticipate records in business and profit achievement," said Ketut. 
Beside supported by residential business, the company's income were also contributed by hospitals division that rose 12.5% and retail malls business that grew 15%. Even though, both contributions were still relatively small for the company yet its asset management division booked an increase of 63%. 

Disclosure: No position at the stock mentioned above.

Print This Article

No comments: