FOR IMMEDIATE DISTRIBUTION
November 13, 2019
Lippo Cikarang – PT Lippo Cikarang Tbk (“LPCK” or the “Company”), one of Indonesia’s largest industrial estates and residential developments on the eastern corridor of Jakarta, today announced the appointment of Mr. M.C. Loh as Chief Executive Officer (“CEO”) of the Company effective immediately. In his role, Loh will be responsible for leading the Company forward with its strategy to developed more landed and residential housing on its remaining 455 hectare land bank.
Mr. Loh brings with him over forty years of experience in the property industry globally spanning land acquisition, project design and development, as he has built multiple Company’s from the ground up. He has held senior roles in Indonesia Stock Exchange-listed (“IDX-listed”) and private Indonesian companies, as well as global property firms in the USA and across SE Asia. Prior to re-joining LPCK, Mr. Loh was most recently Director and Chief Business Development Officer at PT. Plaza Indonesia Realty Tbk, a highly respected Indonesian mixed-use property developer that owns and operates a fully integrated premium Mall, two 5 star hotels and an office tower in central Jakarta.
Mr. Simon Subiyanto, our current President Director and acting CEO, will continue in his role as President Director, and will be working closely with Mr. Loh.
In his return to the Company where he created significant shareholder value with a nearly 10-fold increase in market capitalization and EBITDA growth of 1,179%. Mr. Loh stated, “It’s an incredible opportunity to return to work for Lippo Cikarang. The opportunity to turnaround the business and continue to launch new and successful residential projects is an exciting challenge.”
LPCK is a subsidiary of PT Lippo Karawaci Tbk (“LPKR”). LPKR is one of the largest property companies in Indonesia based on total assets and income and is listed on the Indonesia Stock Exchange. LPKR is supported by solid recurring income and is supported by diverse land banks. LPKR’s business consists of Housing and Property development, Retail Malls, Hospitals, Hospitality, and Asset Management.
For Further Information Please Contact :
Investor Relations
William Wijaya Utama
021-8972484 / 021-8972488
Corporate Secretary
Lora Oktaviani
021-8972484 / 021-8972488
Visit our website: www.lippo-cikarang.com
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This press release has been prepared by PT Lippo Cikarang Tbk (“LPCK”) and is circulated for the purpose of general information only. All opinions and estimations included in this release constitute our judgment as of this date and are subject to change without prior notice. LPCK disclaims any responsibility or liability whatsoever arising which may be brought against or suffered by any person as a result of reliance upon the whole or any part of the contents of this press release and neither LPCK nor any of its affiliated companies and their respective employees and agents accepts liability for any errors, omissions, negligent or otherwise, in this press release and any inaccuracy herein or omission here from which might otherwise arise.
Forward-Looking Statements
Certain statements in this release are or may be forward- looking statements. These statements typically contain words such as “will”, “expects” and “anticipates” and words of similar import. By their nature, forward looking statements involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this release.
