Lippo Cikarang listed

JAKARTA (JP): Urban developing company PT Lippo Cikarang, of the widely diversified Lippo Group, made its capital debut yesterday when listing its shares in the Jakarta Stock Exchange.

The company's share price made a gain of Rp 275 to Rp 1,200 during the initial listing in the morning before it closed at Rp 1,125 in the afternoon on a total volume of 85.03 million shares in the regular market.

The company offered 108.5 million shares, or 15.6 percent of its total enlarged capital, to the public last month to raise Rp 100 billion.

The company's executive said that 25 percent from the proceeds of the share offering would be used to purchase new land, 35 percent to finance infrastructure facilities and the remaining 40 percent to repay its debts.

Lippo Group's chief executive officer, James T Riady, said that Lippo Cikarang, which recorded a total net profit of Rp 32.32 billion in 1996, was committed to continuing its core business in urban development.

"We will be consistent with out commitment to increase the shareholders' value of the company," he said. (aly)