Lippo Karawaci to issue new shares

JAKARTA: Property developer PT Lippo Karawaci plans to issue between 512.7 million and 1.025 billion new shares to raise cash to finance new projects.

"We expect to raise up to Rp 1 trillion (US$109.89 million) from the issue as our biggest shareholders will be ready to buy unsold shares," company spokesperson Danang Kemayan Jati said on Wednesday.

The company has yet to determine the offer price per share, but ownership of every four shares will entitle each shareholder to buy between one and two new shares.

As of July, the company had booked Rp 149.48 billion in net profits (US$16.54 million). It made a total net profit of Rp 288.86 billion net profit last year. --JP