CRC buys Lippo Karawaci stake<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
China Resources Holdings (CRC Group) has reported to the Capital
\nMarket Supervisory Agency (Bapepam) its purchase of a 15.44
\npercent stake in property developer PT Lippo Karawaci (LK) for Rp
\n680 billion (about US$73 million).<\/p>\n
CRC Group, a business conglomerate owned by the Chinese
\ngovernment, purchased the stake through its subsidiary Greatmind
\nInvestments Limited, a media statement said on Thursday.<\/p>\n
Lippo Karawaci, already a leading publicly listed property
\ndevelopment company with a market capitalization of over Rp 4.4
\ntrillion, expects a more satisfactory performance and growth
\nafter the sale.<\/p>\n
"The investment represents a major vote of confidence for us.
\nWe envisage working hard to deliver consistent growth and
\nsatisfactory performance.<\/p>\n
"We look forward to the CRC Group's active participation and
\ncontribution to our board," LK president director Viven G.
\nSitiabudi said.<\/p>\n
The company also hoped that the inclusion of CRC Group would
\nopen up business opportunities in China, the statement added.<\/p>\n
Focusing its business on residential homes, commercial malls
\nand health care groups, LK targets an increase in profit this
\nyear to Rp 355 billion from about Rp 290 billion the previous
\nyear.<\/p>\n
The other LK shareholders are Lippo Group (27.02 percent), the
\nRZB Group (7.76 percent) and public investors (49.78 percent).<\/p>\n
CRC Group's business includes food products, retailing,
\ninfrastructure, property and trading with substantial investments
\nand operations in Hong Kong, mainland China and the Asia region.<\/p>\n
"Whilst our main focus is in the Greater China region, the
\ninvestment in LK reflects a long-term strategic alliance with the
\nIndonesian and Southeast Asian markets for the CRC Group," CRC
\ngroup managing director and CEO Charley Song said of the
\npurchase.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/crc-buys-lippo-karawaci-stake-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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