PTLK sells shares

PTLK sells shares

HONG KONG (Reuter): Indonesian property developer PT Lippo
Karawaci (PTLK) planned to seek a listing on the Jakarta Stock
Exchange in June, Lippo Group members Hongkong China Ltd and
Lippo Ltd said in a joint statement yesterday.

PTLK would make an initial public offering (IPO) of 30.80
million shares or 8.1 percent of its share capital, they said.

Prior to the flotation, Hongkong China has agreed to buy
HK$633 million in PTLK convertible bonds due 2003 and 70 million
PTLK shares from Lippo Capital Ltd for a total HK$1.34 billion,
the companies said.

Lippo Capital is owned by the Riady family, which also holds
69.7 percent of Hongkong China, 58.4 percent of Lippo Ltd, and
all shares of PTLK, the statement said.

The lead manager for the IPO, PT Pentasena Arthasentosa, had
advised to price PTLK at Rp 3,250 per share, it said.