Lippo Land shares acquired

JAKARTA (JP): China Resources yesterday purchased a 5 percent stake in PT Lippo Land Development at Rp 64 billion (US$27.1 million) through the Jakarta Stock Exchange (JSX), the latter company said in a statement.

The purchased shares were previously owned by the Riady family, the founder of the Lippo Group.

The 5 percent stake represents 12.4 million of Lippo Land's shares.

The transaction was executed at a price of Rp 5,150 per share, representing a 4.2 percent discount from yesterday's closing price, the statement said.

It also reported that China Resources has bought a 5.2 percent stake in PT Lippo Karawaci, a subsidiary of Lippo Land, which was listed on the JSX last week. (alo)