Friday, February 17, 2006

Lippo Karawaci appoints UBS for US$300 million bond sale

Property giant PT Lippo Karawaci Tbk has appointed UBS as selling agent for US dollar bond of around US$300 million, an investment banker told me last night.
The company's shareholders meeting on January 30, 2006 approved the issuance of debt instruments in the form of notes or other forms of US$200 million the most or any other value deemed fair by the board of directors.
Corporate guarantee is applied for the issuance of such debt instruments pursuant to the company's restructuring. Under the restructuring, Lippo Karawaci transfers several assets such as Graha Medika Hospital to PT Graha Indah Pratama, Siloam Gleneagles Karawaci to PT Sentra Dinamika Perkasa, Siloam Surabaya to PT Tata Prima Indah, and Imperial Aryaduta Hotels & Country Club to PT Karya Sentra Sejahtera.
Lippo Karawaci then transfers the shares in these companies by PT Sentra Dwimandiri and PT Prudential Development to a subsidiary established overseas and subsequently change the status of these companies into foreign investment companies (PMA). Lippo also transfers its indirect ownership over these companies to unaffiliated investors.
This is the second restructuring at Lippo Karawaci in less than two years. In July 2004, Lippo Karawaci completed the merger of eight property-related companies to form the largest listed property company in Indonesia by market capitalization. The eight participating companies in the merger were:
1. PT Lippo Karawaci Tbk2.
2. PT Lippo Land Development Tbk

3. PT Siloam Healthcare Tbk
4. PT Aryaduta Hotel Tbk
5. PT Metropolitan Tatanugraha
6. PT Ananggadipa Berkat Mulia
7. PT Sumber Waluyo
8. PT Kartika Abadi Sejahtera

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