Pacific Asia Holdings Limited, the company own by Lippo Group, bought 3.02% or 652 million shares of PT Lippo Karawaci Tbk, for US$52 million, to increase its ownership in the property developer.
Post transaction, Pacific Asia now hold 25.02% shares in Lippo Karawaci. Lippo Group intends to enlarge its ownership, reflecting Lippo Karawaci’s appeal and prospective growth.
Lippo Karawaci is Indonesia’s largest property developer by asset value, net profit and revenue, adding to wide land area and strong recurring income base.
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