PT Lippo E-Net asked to hold public expose

JAKARTA (JP): Jakarta Stock Exchange (JSX) president Mas Achmad Daniri said on Thursday that his office had told the management of publicly listed Internet firm PT Lippo E-Net to soon hold a public expose to provide the public with more information on its recent move of changing its core business.

"The company has recently changed its core business. It would be good if the public had more information about this change of core business," he said.

Shareholders of then insurance firm PT Asuransi Lippo Life approved in late January the company's proposal to change its name to PT Lippo E-Net and shift its focus to the Internet.

They also approved the company's plan to invest up to Rp 2 trillion (US$278 million) in its Internet business. But the company did not say from where the funds would come.

Daniri said PT Lippo E-Net should also explain its investment plan during the public expose.

"The investment plan should also be the agenda of the public expose, because it is part of the new core business story," he said.

Before Lippo Life changed its core business, parent company Lippo Group confirmed that American International Group, Inc. (AIG) would acquire 5 percent of Lippo Life and 70 percent of its unit, PT Asuransi Jiwa Lippo Utama. Lippo Life was then to receive around $200 million from the U.S. company.

Asuransi Jiwa Lippo Utama is the non-listed life insurance company to which Lippo Life transferred its life insurance policy portfolio following the shift of Lippo Life's core business to the Internet business.

Share price of Lippo life, or now Lippo E-Net, closed unchanged at Rp 625 on Thursday. (udi)