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)