LMIRT Management sells 157.30 million LIMR Trust units to Lippo Karawaci subsidiary

Singapore one dollar bill

LMIRT Management, the manager of Lippo Malls Indonesia Retail Trust, or LMIR Trust, said on Thursday it sold 157.30 million LMIR Trust units to Bridgewater International Ltd., or BIL, for S$0.21 each.

BIL is an indirect, wholly owned subsidiary of PT Lippo Karawaci, which is also the sponsor of LIR Trust and which directly wholly owns LMIRT Management, it said in a filing to SGX after the market close on Thursday.

“As the manager’s key role is to manage LMIR Trust and not to hold excessive units, the manager has therefore sold the units to BIL. This also allows the sponsor to consolidate its unitholdings in LMIR Trust,” the filing said.

After the sale, LMIRT Management retained 21.26 million units, or around 0.74 percent of LMIR Trust, while BIL holds 857.74 million units, or around 29.99 percent of the trust, it said.

PT Lippo Karawaci’s aggregate stake in LMIR Trust has remained at around 30.74 percent, it said.


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