Riady family

Tycoon Riady sees no 'more hiccups' in US$18 bil project

SINGAPORE (Mar 13): Indonesia’s Lippo Group sees no “more hiccups” in its flagship US$18 billion ($24.4 billion) township project near Jakarta as a new fundraising plan helps alleviate liquidity concerns.

The Meikarta project, touted as the “Shenzhen of Indonesia” and backed by the Riady family, will be completed before its deadline, said John Riady (main image), the newly appointed chief executive officer of PT Lippo Karawaci. A US$1 billion fundraising plan by Lippo Karawaci, which indirectly owns the majority of the project, will address the funding issues, he said.

Lippo Karawaci secures US$1.01 bil for recapitalisation; sells mall to LMIRT

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.

Contagion fears from Lippo probe spread to Singaporean bonds

(Nov 26): An investigation into troubled Indonesian property developer PT Lippo Karawaci, controlled by Southeast Asia’s billionaire Riady family, is reverberating in the Singapore bond market.

Singapore dollar-denominated notes issued by First Real Estate Investment Trust, and those sold by OUE Ltd, controlled by the family, have dropped as a liquidity crunch prompts concern the group is using other entities to help shore up finances. Bonds of Lippo Malls Indonesia Retail Trust, also sponsored by Lippo Karawaci, have come under pressure as well.

Indonesia billionaire family reshuffles empire on currency rout

SINGAPORE/JAKARTA (Sept 19): Southeast Asia’s billionaire Riady family is reshuffling its health-care holdings as its core property business grapples with the emerging-market rout.

United Engineers queried by SGX

SINGAPORE (Oct 5): Unusual price movements in the shares of United Engineers have prompted the Singapore Exchange to ask the property services firm for an explanation.

UE, which closed higher in the last two sessions, rose as much as 4.7% to $2.65 in the morning session.

The query comes after Bloomberg reported OUE, backed by the billionaire Riady family, plans to pursue a stake in UE.

Billionaire Riady family said to pursue United Engineers stake

SINGAPORE (Oct 4): OUE, backed by the billionaire Riady family, plans to pursue a stake in Singapore property and construction firm United Engineers, a person with knowledge of the matter said.

Singapore-listed OUE is interested in bidding for shares held by Oversea-Chinese Banking Corp and its affiliates, said the person, who asked not to be identified as the information is private. The formal sale process hasn't started yet and other parties could also express interest, another person familiar with the matter said.

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