Jakarta. Leading Indonesian property developer Lippo Karawaci plans to raise S$202 million ($150 million) by divesting its assets in two Singapore-based affiliates to strengthen its capital and fuel future growth. In a filing to the Indonesia Stock Exchange (IDX) on Tuesday (18/09), the company said it has entered into a conditional share purchase agreement that will see OUE, a diversified real estate owner, developer and operator with assets in Asia and the United States, take over 60 percent of Bowsprit Capital, the manager and 7-percent owner of First REIT, a Singaporean health care real estate investment trust. OUE Lippo Healthcare, an investment company that manages health care facilities in Japan, Malaysia and China, will take over the remainder of Bowsprit. The total value of the transaction will amount to about S$99 million. Under the conditional share purchase agreement, OUE Healthcare Investment will also buy 83.6 million shares in First REIT from Bridgewater International, another Lippo Karawaci subsidiary, for S$102 million. The transaction, which is expected to be wrapped up by end of November this year, will reduce Lippo Karawaci’s shareholding in First REIT to 10.6 percent from 28.2 percent currently. “We are delighted to announce this asset divestment plan has been… Read full this story
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