1. Lippo Karawaci – Rating upgrade to B3 by Moody, Outlook changed from negative to neutral
2. Revamp in leadership – John Raidy becomes CEO & Surya Tatang becomes CFO
3. Secured US$1.01 billion from rights issue and asset divestment
$730 million rights issue from the Riady family(expected to complete during first half of 2019) $280 million from divesting Lippo Mall Puri to Lippo Malls Indonesia Retail Trust
(expected to complete during second half of 2019)
4. The proceeds of $1.01 billion are intended to be allocated as follows:
$275 million for debt reduction $315 million for payment of rental obligations to REITs $100 million for construction of existing projects $200 million to support development of its Meikarta project $120 million for costs and funding related to sale of Lippo Mall Puri5. First REIT’s account receivables has been increasing significantly over the past 10 years. AR as of 31 Dec 18
...