JAKARTA - PT Megakreasi Cikarang Permai (MKCP), a subsidiary of PT Lippo Cikarang Tbk (LPCK), converted Mahkota Sentosa Utama I 2019 Long-Term Debt Securities (SUJP) into 3.07 billion shares in PT Mahkota Sentosa Utama (MSU). This transaction is affiliated due to the similarity of LPCK's indirect share owners in MSU.

Steffi Grace Darmawan, Corporate Secretary of LPCK said that MKCP had converted the SUJP related to the Collective Investment Contract (KIK) of the Bowsprit Township Development USD Infrastructure Investment Fund (DINFRA), earlier this week (30/9). "The value of the units converted by MKCP into shares is worth IDR 3.07 trillion," he said in a press release quoted on Thursday (3/10).

The transaction value is equivalent to 45% of the company's total equity as of June 2024 of IDR 6.84 trillion. LPCK owns 99.92% of MKCP shares, of which MKCP owned 49.72% of MSU's total shares before the conversion.

After the conversion of DINFRA units into shares, MSU will become a consolidated subsidiary of LPCK via MKCP. This step also reduces MSU's debt burden which indirectly has a positive impact on LPCK. (LK/LM)