Indonesia's Lippo Group targets hospitals, retail in up to $5-B Southeast Asia expansion

SINGAPORE – Indonesia's Lippo Group is set to invest up to $5 billion in healthcare, food retailing and telecoms mainly in the Philippines, Vietnam and Myanmar over the next three to five years, its top executive said.

 

"Partly, it's diversification, but partly also new growth markets," James Riady, CEO of one of the biggest conglomerates in Indonesia, told Reuters in an interview on Monday.

 

"In ASEAN, outside of Indonesia, we could be investing 3 to 5 billion dollars over the next 3-5 years. Healthcare is a big part of it and retailing, primarily food retailing," he said on the sidelines of a regional conference in Singapore.

 

"We are not going to be in all ASEAN countries, but we'll be happy if we'll be in 3-5 countries in ASEAN and the biggest ones, obviously Philippines, Vietnam and Myanmar."

 

The Riady family's listed companies include PT Siloam International Hospitals Tbk, Indonesia's biggest private hospital operator, and the biggest property developer PT Lippo Karawaci Tbk. – Reuters