JAKARTA. PT Lippo Karawci Tbk (LPKR), a property developer under Lippo Group, has conducted a Conditional Sales and Purchase Agreement (CSPA) with PT Siloam International Hospitals Tbk (SILO) for a landbank of 6,096 square metres (m2).

Ratih Safitri, Corporate Secretary of LPKR, mentioned that said lot is located in Kebon Jeruk Subdistrict, Kebon Jeruk District, West Jakarta. The transaction value is agreed at IDR 279.88 billion.

There has yet to be a decision on when the land sales and purchase will be concluded. However, Safitri reaffirmed that the land divestment will be completed once the company, as the seller, and SILO, as the buyer, have fulfilled their own obligations regarding the agreement.

“This transaction plan brings positive impact on the company and will strengthen the balance and cash flow of the company,” added Safitri.

It is worth mentioning that this land sale and purchase agreement is categorised as an affiliate transaction as regulated by Financial Services Authority (OJK), because LPKR and SILO are both under Lippo Group. This transaction is not a material transaction as the value is less than 20% of total equity of LPKR. (KR/ZH)