JAKARTA: Lippo Group through one of its affiliates, Asia Pacific Holdings Limited has reported to Financial Institution and Capital Market Supervisory Agency that the group had bought back shares of PT Lippo Karawaci Tbk. Director of Lippo Karawaci Mark Wong said Pacific Asia yesterday was reported to Financial Institution and Capital Market Supervisory Agency (Bapepam-LK) that it had bought back about 2.01% or as much as 435 million shares of PT Lippo Karawaci Tbk (LPKR-coded stock)."These shares were purchased by the average market price of IDR776 per share for a total worth IDR338 billion or US$39.5 million," said Mark in a formal written statement, yesterday.It was the second buyback in the last one month for Pacific Asia. In April 18, Pacific Asia bought 3.02% shares of LPKR or equal to 652 million shares valued at US$52 million.In total, Asia Pacific has bought 1,087 billion shares or 5.21% shares of Lippo Karawaci with a total investment of US$91.5 million.According to him, Lippo Group stated that it intends to further increase their ownership in the company as long as it is possible to have, thus the action reflects their trust to Lippo Karawaci."At the same time, shareholders will globally raise the profile of Lippo Karawaci through collaboration with global investors," he said.In yesterdays closing session, Lippo shares was standing at the level IDR770, or corrected 10 points from the close session in the previous day. Lippo highest level in the last 3 months is IDR800 which booked on May 2.During the 1Q quarter 2011, Lippo Karawaci posted an increase of 25% in revenues from the same period last year to IDR882 billion.President Director of Lippo Karawaci Ketut Budi Widjaja said the increase in revenue was mainly driven by housing revenues amounted to IDR411 billion, contributing 32% of total revenue."Home sales will continue to be the main driver of revenue this year, we also achieved great progress in the development of new hospitals," he said last week.According to Ketut, a positive housing sale during the 1Q reflects a sharp trend in the last 2 years. He said it is reflected by the results in housing sales in 2009 amounted to IDR1.3 trillion and in 2010 of IDR2.2 trillion."In 2011, the company is targeting the residential sales figure to reach IDR2.8 trillion," he said.Aside from housing sales, the achievement of revenue this quarter was also supported by the hospital division which rose 17% to IDR288 billion, retail division increased 23% to IDR96 billion, and Asset Management business division which recorded an increase in management fees by 26% to IDR87 billion. (wiw/t03)

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