Jakarta. Lippo Cikarang announced the results of its annual general shareholder meeting, which approved and ratified changes within its board of directors and board of commissioners.
The annual general meeting also appointed Sie Subiyanto as president to Lippo Cikarang's board of directors.
"I would like to thank the shareholders for their trust and confidence in LPCK. Additionally, I would like to extend our gratitude towards former members of the board of directors and board of commissioners for their contribution and guidance during their tenure. I would also like to congratulate and welcome the new members of the board of directors on their appointment. Their extensive backgrounds and practical experience in their respective fields will further strengthen LPCK's management, operations and governance in their new role," Subiyanto said in a press statement on Tuesday (05/06), referring to Lippo Cikarang by its four-letter stock ticker symbol.
"The company's performance in 2017 was below expectation, mostly due to a slowdown in Indonesia's property sector. LPCK recorded total revenue of Rp 1.5 trillion [$108 million] and net profit of Rp 368 billion. However, the company's total assets grew by 119 percent to Rp 12.37 trillion from Rp 5.65 trillion in the previous year," he added.
Subiyanto said Lippo Cikarang will focus on the development of Meikarta, one of its largest townships, and added that more projects will follow soon.
Lippo Cikarang is an urban developer with total development rights over 3,250 hectares. The company has built more than 17,192 homes, occupied by around 51,250 residents, while 500,500 people are employed by 1,200 light manufacturing companies in its industrial area in Bekasi district, West Java.
Lippo Cikarang is listed on the Indonesian Stock Exchange (IDX) and it had a market capitalization of Rp 1.54 trillion as of May 28, 2018.
The Jakarta Globe is affiliated with the Lippo Group.