Lippo Life to raise capital

Lippo Life to raise capital

JAKARTA (JP): Shareholders of PT Lippo Life, the Lippo Group's
insurance subsidiary listed on the Jakarta Stock Exchange, have
given the company approval to increase its authorized and paid-up
capital to Rp 240 billion (US$103.7 million) and Rp 96.4 billion
respectively.

To increase the paid-up capital, the company will distribute
one bonus share for each old share by capitalizing its capital
gains accumulated from the company's initial public offering in
1989 and rights issue in 1994.

The shareholders' meeting on Monday also approved the
management's proposal of stock-splitting by dividing one old
share with a par value of Rp 1,000 into two new shares with a
nominal value of Rp 500 each.

The meeting also appointed Billy Sindoro as the new president
and Sugianganto Soetanto as a new director, replacing Viven
Sitiabudi and Rio Winardi respectively. (08)