Lippo Karawaci unveils US$1b funding plan, new management team

Singapore

INDONESIAN real estate developer Lippo Karawaci (LPKR) has secured US$1.01 billion in funding via a rights issue and asset divestments which will be used partly to pare debt, while putting in place a new management team under a broader transformation programme.

LPKR has tapped John Riady as chief executive officer, Surya Tatang as chief financial officer and Peter Yu as director of projects as part of a plan to sharpen its focus on its three core competencies - urban housing, lifestyle malls and healthcare.