Lippo Village offers shares

Lippo Village offers shares

JAKARTA (JP): PT Lippo Village, the developer of a major real estate complex in Tangerang west of here, will offer 50.9 million new shares to the public in the near future, a company executive said. Each share will have a nominal value of Rp 500 (23 U.S. cents).

The company's president, James T. Riady, said in a presentation on Friday that the Capital Market Supervisory Agency has yet to approve the sale price of the new shares, that will account for 12.7 percent of the firm's enlarged number of stocks.

"But we expect to generate Rp 150 billion (US$68.4 million) to Rp 170 billion from the share offering," he said.

He said the company will use the proceeds from the share sales to strengthen its working capital, to acquire land and to build infrastructure facilities at its housing complex.

The company, with its paid-up capital of Rp 190 billion, is constructing a housing complex on a 730-hectare area in Tangerang, which will be expanded to about 2,000 hectares, he said.(riz)