Lippo Cikarang listed

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)