SINGAPORE (Mar 12): PT Lippo Karawaci Tbk, the Indonesian property developer controlled by the billionaire Riady family, has secured US$1.01 billion ($1.37 billion) to recapitalise the company.

The funding programme comprises US$730 million of proceeds from a rights issue underwritten by the Riady family as well as US$280 million of proceeds from the completion of its asset divestment plans.

In a Tuesday press release, Lippo Karawaci says shareholders George Raymond Zage III and Chow Tai Fook Nominee Limited have each signed an undertaking to purchase their entitled rights shares and to subscribe for the rights issue shares for a total commitment of US$70 million.

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