Lippo Life raises capital

Sat, 06 Apr 1996

JAKARTA (JP): PT Lippo Life, an insurance arm of the Lippo Group, announced that it has received approval from the Ministry of Justice to raise its authorized capital from Rp 60 billion (US$25.6 million) to Rp 240 billion.

The company said in a statement Thursday that it will also increase its paid-up capital from Rp 48 billion to Rp 96 billion by issuing one-for-one bonus shares in May.

Before issuing bonus shares, the company will split its stocks by halving their nominal value from Rp 100 to Rp 500 on April 25.

Last year, Lippo Life booked Rp 17 billion in net profits, which indicated a 67 percent increase.

The company's unaudited financial report shows that its revenues rose by 52 percent to Rp 447 billion last year. (08)

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