JAKARTA: Indonesia's second largest property company by market capitalization, PT Lippo Karawaci Tbk, today fell 8% to IDR690 after it grabbed IDR957 billion from new shares sale last night. The company, which is controlled by Indonesian businessman James Riady, announced the Rp957 billion fund raising from the sale of new shares. The proceed is intended to buy rights in Lippo-Mapletree Indonesia Retail Trust (LMIRT) and asset manager LMIRT Mgt.The company placed 1.45 billion new shares owned by its affiliated Pacific Asia Holdings Limited at the price IDR660 per share. CLSA is the sole bookrunner of the shares placement, a company statement published today said.Lippo Karawaci said that it will use IDR673.73 billion or represented 70.4% of its proceeds to acquire 27.24% of the ownership in LMRIT and 40% of the rights in asset manager LMRIT Mgt.The company also paid IDR403 billion or US$47.1 million sourced from its internal cash. As of March 31, 2011, Lippo Karawaci reported IDR3.28 trillion or US$383.2 million of its internal cash.The company took over more than half of 27.24% of the ownership in LMRIT from its affiliated company, while the rest of the shares is bought from Mapletree LM Pte Ltd and Mapletree Capital Management Pte Ltd.The ownership of Lippo Karawaci in LMRIT soared 13 times after the transaction from 2.26% to 29.5%. (wiw)

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