Lippo raises BDI shares

JAKARTA (JP): Lippo Bank announced yesterday it had increased its stake in Bank Dagang dan Industri (BDI) from 6.8 percent to 24.56 percent. It's stake is now worth Rp 16.8 billion (US$7.1 million).

BDI, established by the Indonesian Chamber of Commerce and Industry in 1991, reportedly had paid-up capital of Rp 28.4 billion at the end of 1995 which grew to Rp 68.2 billion by the end of 1996.

With total assets of Rp 281.9 billion at the end of 1995, BDI's 1995 net profit was Rp 2 billion. Its profit was estimated to increase to Rp 4.7 billion in 1996.

Lippo Bank shares fell to Rp 2,475 on the Jakarta Stock Exchange yesterday after gaining Rp 75 to close at Rp 2,500 on Monday. (10)