Lippo Cikarang announced results of their Annual Shareholders Meeting, where shareholders have agreed on implementing a Rights Issue.(Photo courtesy of Lippo Cikarang)
Rights Issue Worth $200 Million Greenlit in Lippo Cikarang Annual Shareholder Meeting
APRIL 18, 2019
Jakarta. Township developer Lippo Cikarang announced the results of their Annual Shareholders Meeting on Thursday, where shareholders have agreed on implementing Rights Issue.
Shareholders that attended the meeting held more than 480 million shares, representing around 69 percent of all Lippo Cikarang (LPCK) shares.
"Generally, the company's work performance in 2018 saw a significant increase from the previous year. All throughout 2018, the company recorded an operational income of Rp 2,2 trillion [$152 million]. The increase was caused by the sales of commercial lands and shophouses," Simon Subiyanto, president director of LPCK said in a press release.
After carefully considering plans for the Rights Issue and the continued development of the Meikarta project, the shareholders have decided that there will be no dividend distributions from this year's profits.
Rights issue to increase liquidity and continued investment in the Meikarta project
The shareholders have accorded on a Rights Issue worth $200 million, which is part of LPCK's funding plans previously announced on March 12, through a press release to majority shareholders of the company.
After the agreement was reached during the annual meeting, the Rights Issue will be implemented after a Registration Statement has been deemed effective by the Financial Services Authority (OJK). The company hopes to finish the Rights Issue by Q3 2019.
Funding from the Rights Issue will be used to strengthen the company's budget and finances for the Meikarta project.
LPCK also announced the new structure of their board of commissioners and directors as follows:
board of commissioners:
President commissioner: Theo L. Sambuaga
Independent commissioner: Sugiono Djauhari
Independent commissioner: Didik Junaedi Rachbini
Independent commissioner: Hadi Cahyadi
Commissioner: Ali Said
President director: Sie Subiyanto
Director: Hong Kah Jin
Director: Ju Kian Salim
Director: Alexander Yasa
Directo: Lora Oktaviani
Independent director: Sony
LPCK is a township developer with internationally standard facilities, within a 3,250 hectare area primarily focused for industries as its base of economy. The company has built over 17,192 houses with a population of over 50 thousand. Over 500 thousand people work within LPCK's industrial area everyday in over 1,200 factories.
LPCK is listed on the Indonesian Stock Exchange and has a Market Capitalization of Rp 1,3 trillion ($96 million) as of March 31 2019.
Lippo Cikarang and the Jakarta Globe are affiliated with the Lippo Group.