Asuransi Lippo offers shares

Asuransi Lippo offers shares

JAKARTA (JP): PT Asuransi Lippo (Lippo General Insurance) of
the widely diversified Lippo Group made a successful capital
market debut when it floated its shares on the Jakarta Stock
Exchange yesterday.

The demand for the company shares was high and the company's
share price booked a gain of Rp 525 to Rp 2,750 in the morning
session, dealers said.

The company's share trading was so intense that 20 million
shares or 40 percent of the total number of shares offered
changed hand during the first session, they said.

The price of the company's shares rose Rp 475 higher in the
afternoon session to close at Rp 2,700, with 26.23 million shares
changing hand in the regular market.

The company's initial public offering (IPO), which was
launched earlier this month, attracted local and foreign
investors.

Some analysts predicted that investors' high enthusiasm would
continue in the coming months given the positive sentiment during
the IPO.

A senior analyst of Vickers Ballas in Singapore, Fu Ya Yin
said Asuransi Lippo shares attracted investors because the
company had a promising future.

Its access to distribution channels of the Lippo Group which
is known for its aggressiveness and innovation would allow the
insurance company to benefit the country's growing insurance
industry, she said.

Chief Executive Officer of Lippo Group James T. Riady said
foreign investors had responded positively to the listing of
Asuransi Lippo.

"We have a strong commitment to develop Asuransi Lippo further
to become the leader in the commercial retail and health care
sectors in Indonesia," he said. (aly)