Singapore-listed Lippo Malls Indonesia Retail Trust Ltd.
(LMIR Trust), subsidiary of Jakarta-listed developer Lippo Karawaci (LPKR), has
revealed the acquisition of Rp3.6trillion (US$300.72million) Lippo Mall Kemang
(LMK) from its sister company. This is in a transaction that will shift
ownership of the assets towards a Singaporean entity.
LMIRT Management Ltd., manager of LMIR Trust, are to issue up to 301.37million consideration units (shares) representing 12.2% of the current shares to aid in funding the Lippo Mall Kemang acquisition from its current owner, Lippo Karawaci’s subsidiary, PT Almaron Perkasa (AP), according to Monday’s statement on the Singapore Stock Exchange website.
The statement went on to explain Rp3.18trillion of the LMK purchase is to be paid in cash as the remaining Rp420billion would be produced by way of the consideration units.
