Lippo Life, Lippo E-Net

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)