Press Release
Lippo Karawaci Completes Management Revamp With Appointment Of Proven Chief Operating Officer
16 September 2019
  • New COO Rudy Halim brings 20 years’ global and Indonesian working experience
  • Proven track record in operations, strategy and company turnarounds
  • Latest appointment strengthens current management team under leadership of CEO John Riady

Jakarta –PT Lippo Karawaci Tbk (“LPKR” or the “Company”),Indonesia’s largest real estate company by assets and revenues, today announced the joining of Mr. Rudy Halim as Chief Operating Officer (“COO”) with effect from 19 August 2019. In his role, Mr. Halim will be responsible for overseeing the overall strategy and business operations of LPKR’s business units, including its hotels, town management, malls operations, as well as its real estate subsidiaries.

Mr. Halim brings with him almost two decades of experience in operations, leading company transformations, managing complex development projects, and also investments. He has held several senior roles in Indonesia Stock Exchange-listed (“IDX-listed”) and private Indonesian companies, as well as global investment advisory and legal firms. Prior to joining LPKR, Mr. Halim was most recently President Director and Chief Executive Officer at IDX-listed automotive retailer PT. Mitra Pinasthika Mustika Tbk, a key holding of the Saratoga Investama (IDX: SRTG.JK) private equity firm. In that capacity, he played an instrumental role in improving key operations levers and cost efficiencies; enhancing operational cash flow; and increasing net profit growth.

He was also formerly President Director of IDX-listed PT. Dian Swastatika Sentosa Tbk, the energy and infrastructure business of Sinar Mas Group, and Chief Executive Officer of the energy business. Mr. Halim holds double degrees in Laws and Commerce (Accounting & Finance) from The University of Sydney, and a Master of Business Administration from The University of Chicago Booth School of Business.

Mr. John Riady, Chief Executive Officer of LPKR, commented: “Rudy brings invaluable insight to LPKR’s management team during this exciting transformative period. He is joining a passionate and dynamic team committed to spearheading business process improvement initiatives and delivering shareholder return.”

LPKR has a strong management team from diverse backgrounds, with extensive experience ranging from 15 years to 35 years in finance, risk management, regulatory compliance, real estate investment, property development, and investor relations.

Mr. Halim said: “It's an incredible opportunity to work for Indonesia’s real estate market leader. LPKR’s new strategic focus on achieving operational excellence and improving corporate governance truly resonates with me, and I am excited to be working with the experienced team to build a best-in-class integrated real estate platform.”

Management team

LPKR’s management team now comprises:

  • John Riady, Chief Executive Officer.
    Mr. Riady is CEO of the Group and is focused on executing the transformation plan, driving operational excellence, focus, and disciplined capital allocation to deliver sustainable growth and value creation. He is also President Commissioner of PT Siloam Hospitals Tbk, in which LPKR owns a controlling 51% stake. Mr. Riady holds an MBA from the Wharton School of Business, a Juris Doctor from Columbia University School of Law, and is a licenses attorney in the State of New York.
  • Surya Tatang CFA, Chief Financial Officer.
    Mr. Tatang has approximately 25 years of experience in the finance industry. He is responsible for the Company’s investments as well as financial and management accounting, treasury, taxation, risk management and other corporate and regulatory compliance matters.
  • Rudy Halim, Chief Operating Officer.
    Mr. Halim has almost 20 years of experience in operations and leading company transformations; managing complex development projects; and executing investments and acquisitions.He is responsible for overseeing the overall strategy and business operations of LPKR’s business units, including its hotels, town management, malls operations, as well as its real estate subsidiaries.
  • Peter Yu, Chief Development and Projects Officer.
    Mr. Yu has over 35 years of experience in real estate, property development and project management across Indonesia, Singapore, Malaysia and China. He is responsible for leading the Company’s projects and developments.
  • Bret Matthew Ginesky, Head of Investor Relations.
    Mr. Ginesky has over 15 years of experience working in association with capital markets as an equity analyst and investor relations manager. He is responsible for leading the Company’s investor relations efforts, including those related to bond investors and credit rating agencies. 

About Lippo Karawaci (“LPKR”) (

Listed on the Indonesia Stock Exchange, Lippo Karawaci (“LPKR”) is Indonesia’s leading integrated real estate company with total assets of US$3.7bn at 30 June 2019. Our core business comprises urban residential developments, lifestyle malls and healthcare. We are also actively involved in integrated developments, hospitality, township development and management, as well as asset management services.

Currently, the Company has a presence in 36 cities, and is a leading Indonesian property developer with 1,467 ha of landbank ready for development. Through our two publicly listed subsidiaries, PT Lippo Cikarang Tbk, and PT Gowa Makassar Tourism Development Tbk, of which LPKR owns 81.0% and 62.7% respectively, LPKR develops and operates urban developments at Lippo Cikarang in Bekasi and at Tanjung Bunga in Makassar. Additionally, LPKR owns 51.05% of PT Siloam International Hospitals Tbk, Indonesia’s leading private hospitals network, with 37 hospitals across 27 cities nationwide.

LPKR also has an ownership stake in two listed REITs in Singapore, namely First Real Estate Investment Trust and Lippo Malls Indonesia Retail Trust with US$1.0bn and US$1.5bn of assets under management respectively, as at 30 June 2019.

For more information please contact:

Investor Relations:
Bret Ginesky
Head of Investor Relations
[email protected]
Mobile: +62818181815

Corporate Communications:
Danang Kemayan Jati
Vice President, Head of Corporate Communications
[email protected]
Mobile: +628557801299

This press release has been prepared by PT Lippo Karawaci Tbk (“LPKR”) and is circulated for the purpose of general information only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities of LPKR. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations included in this release constitute our judgment as of this date and are subject to change without prior notice. LPKR 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 LPKR 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. Factors that could cause actual results to differ include, but are not limited to, economic, social and political conditions in Indonesia; the state of the property industry in Indonesia; prevailing market conditions; increases in regulatory burdens in Indonesia, including environmental regulations and compliance costs; fluctuations in foreign currency exchange rates; interest rate trends, cost of capital and capital availability; the anticipated demand and selling prices for our developments and related capital expenditures and investments; the cost of construction; availability of real estate property; competition from other companies and venues; shifts in customer demands; changes in operation expenses, including employee wages, benefits and training, governmental and public policy changes; our ability to be and remain competitive; our financial condition, business strategy as well as the plans and objectives of our management for future operations; generation of future receivables; and environmental compliance and remediation. Should one or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those estimated, anticipated or projected. Specifically, but without limitation, capital costs could increase, projects could be delayed and anticipated improvements in production, capacity or performance might not be fully realized. Although we believe that the expectations of our management as reflected by such forward-looking statements are reasonable based on information currently available to us, no assurances can be given that such expectations will prove to have been correct. You should not unduly rely on such statements. In any event, these statements speak only as of the date hereof, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.