First REIT divests Siloam Hospitals Surabaya for $40.9 mil

Samantha Chiew
Samantha Chiew5/19/2022 9:37 AM GMT+08  • 2 min read
First REIT divests Siloam Hospitals Surabaya for $40.9 mil
Photo: First REIT
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The manager of First REIT announced that it will be divesting Siloam Hospitals Surabaya for a consideration of IDR430.0 billion ($40.9 million) to PT Siloam International Hospitals and PT Megapratama Karya Bersama.

PT Megapratama Karya Bersama is a company in which Siloam International Hospitals directly holds a 99.99% interest and PT Lippo Karawaci (LPKR) indirectly holds a 0.01% interest.

This divestment comes on the back of the manager in December last year announcing its entry into two settlement agreements with PT Saputra Karya, an indirect wholly-owned subsidiary of LPKR, in connection with a proposed settlement in respect of the terminated development works adjacent to Siloam Hospitals Surabaya.

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