Lippo Life, Lippo E-Net

JAKARTA (JP): Shareholders of publicly listed insurance firm PT Asuransi Lippo Life approved on Monday the company's proposal to change its name to PT Lippo E-Net and shift its focus to the Internet.

The company said in a statement that the shareholders, during an extraordinary meeting, also approved the company's plan to invest up to Rp 2 trillion (US$278 million) in its Internet business. The statement did not say where the funds would come from.

Lippo Group recently confirmed that American International Group, Inc. (AIG) would acquire 5 percent of Lippo Life and 70 percent of its unit, PT Asuransi Jiwa Lippo Utama. Lippo Life is expected to receive around $200 million from the U.S. company.

The shareholders meeting also approved the composition of the company's boards of commissioners and directors.

Members of the company's board of commissioners include Billy Sindoro (president), former minister Marzuki Usman, former PT Indosat president Jonathan L. Parapak, Jeffrey Wonsono, Gerald McMahon, Lim Boh Soon and Ganesh Grover.(rid)