Source : The Business Times, November 19, 2007
Shares of property trust Lippo-Mapletree Indonesia Retail Trust started trade on Monday at $0.775 in their Singapore stock market debut, down 3.1 per cent against the issue price of $0.80 a unit.
Indonesia's Lippo Group and Singapore's Mapletree Investments, sold 645.47 million shares at $0.80, raising $516 million (US$356 million) in their initial public offer for a joint property trust.
The Lippo-Mapletree Indonesia Retail Trust is based on around $1 billion worth of properties that comprise seven Indonesian shopping malls, and seven retail spaces found in other malls, the prospectus said.
The listing of Indonesian trust comes after Saizen Real Estate Investment Trust (Reit), which is based on residential buildings in Japan, tumbled 14 per cent in its Singapore market debut on more than a week ago.
Saizen's sharp fall prompted Japan's Asia Pacific Land to delay a US$350 million IPO in Singapore.
Mapletree, which is owned by Singapore state investor Temasek Holdings, has a 40 per cent stake in the joint venture that will manage the Indonesian trust. The Lippo conglomerate, controlled by Indonesia's Riady family, owns the remaining 60 per cent. -- REUTERS
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