Lippo Group, owned by Riady family, today launched a US$166 million placement of property developer PT Lippo Karawaci Tbk (LPKR).
In the placement, Lippo aims to sell 1.45 billion ordinary shares with an upsize option of up to 500 million additional shares, making in total up to 1.95 billion shares or up to 8.3% of Lippo Karawaci's enlarged share capital.
The company offers the shares at Rp650-Rp710 per share, reflecting a 5.3% discount ot 13.3% to the closing price today at Rp750 per share.
The proceed will be used to acquire units in Lippo Mapletree Indonesian Retail Trust REIT and remaining shares in LMRT REIT Manager.
CLSA is the sole bookrunner of the shares placement. Trading date and settlement are expected on May 19 and 24 2011.
Disclosure: No position at the stock mentioned above.
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