Lippo Karawaci Seeks Rp600b Share Buyback
October 17, 2011
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Lippo Karawaci’s management is seeking shareholder approval for a Rp600b ($67.8 million) share buyback over the course of 18 months.
The buyback will be funded by Lippo Karawaci’s internally generated funds, Rp 2.9 trillion as of the end of September.
“Much has been done to enhance LPKR’s underlying value and financial and operating performance, especially in the last 12 months. The markets have not reflected the reasonable valuation of the Company, given the market volatility,” said Ketut Budi Wijaya, LPKR’s President and CEO.
A general meeting is scheduled for Nov. 15.
The Jakarta Globe is affiliated with the Lippo Group.
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