Apr 19, 2011

Riady family adds stake in LPKR

Lippo Group has increased its shares ownership in PT Lippo Karawaci Tbk (LPKR), its subsidiary in property sector, up to 3.02% or 652 million shares valuing to US$52 million. 
Lippo Karawaci’s Vice President and also Head of Corporate Communication, Danang Kemayan Jati said Lippo Group has reported the purchase of Lippo Karawaci’s shares in the market to the Capital Market Watchdog (Bapepam-LK) through its affiliation, i.e. Pacific Asia Holdings Limited.
“Thus, Lippo Group’s ownership in LPKR [Lippo Karawaci] increased to 25.02%,” he said in the letter submitted to Indonesia Stock Exchange (IDX), yesterday.
Danang said the shares purchase has been conducted for 5 days until April 15 and already reported to the regulator in accordance to the applicable regulation.
Lippo Group intends to further increase its ownership in the company as long as possible, which reflects their trust in Lippo Karawaci. 
“The shareholder’s further investment affirms their commitment and trust on Indonesia’s property growth, which is projected to exceed Indonesia's GDP growth,” he said.

Disclosure: No position at the stock mentioned above.

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