Medco to buy Lippo unit

Medco to buy Lippo unit

MANILA (Reuter): Medco Holdings Inc said yesterday its board of directors had approved a buy-in into Lippo Asia Investment Corp, the Manila unit of the Lippo Group of Indonesia.

The company told the Philippine Stock Exchange it would subscribe to 7.9 million Lippo Asia shares, and buy another 4.0 million of the firm's shares from Hong Kong China Ltd at a purchase price of 10.79 pesos per share.

The share acquisitions will give Medco a stake of approximately 59.5 percent in Lippo Asia, it said.

Lippo Asia is engaged in corporate financing, capital market development and fixed income treasury management.