JAKARTA: PT Lippo Karawaci Tbk raised the value of their non-preemptive rights to 10% of the total company's paid-in capital to IDR173.02 billion.The LPKR-coded share resubmitted the plan to their public shareholders as the company did not execute the act last year despite having pocketed the permission.Lippo Karawacis Head of Corporate Communication Danang Kemayan Jati said they have obtained the approval for the capital increase 3 years ago but have not executed it.Its an old plan and we renew the permission so we can execute it at the right time. But not in the near future, he said to Bisnis, yesterday.The plan has been included in the agenda of Extraordinary General Meeting of Shareholders on February 23 when the company will ask for shareholders' approval to revise their budget amid the non-preemptive plan.Lippo Karawaci's Corporate Secretary Jenny Kustiono said the to-be-released shares are increased from initial plan of 5% to 10%. That is why management is asking for shareholders' approval.The corporate action was postponed as they had released new shares through preemptive rights issue worth US$252 million, last year.10% max, he said this week.As per September 2010, the property company's paid-in capital was IDR1.73 trillion. In 2007, they pocketed shareholders' approval to have non-preemptive rights maturing in 3 years maximum after obtaining the approval. The amount of the capital increase approved at that time was only 5%.New regulationThe new regulation is pursuant to Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) Decree No. IX.D.4 on Capital Increase without Preemptive Rights, revised at the end of 2009. The revised regulation provides a less strict restriction than the previous one, from 5% of company's paid-in capital to 10%.In Q3/2010, Lippo Karawaci recorded a sales increase of about 13.58% from IDR1.96 trillion in third quarter of 2009 to IDR2.22 trillion. Net income also rose by 13.32% from IDR307.66 billion to IDR348.66 billion.The company invested US$26 million or UDR231.4 billion to establish a health center in Makassar, South Sulawesi.In yesterdays closing, the LPKR-coded share was corrected IDR30 or 5% to IDR570. (T05/NOM)
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