JAKARTA - PT Hanwa Life Insurance Indonesia (HLI) is conducting a tender offer for 43,243,200 shares of PT Lippo General Insurance Tbk (LPGI), setting an offering price to IDR 6,538 per share. The total value of this tender offer is estimated to reach IDR 282.72 billion. 

In the prospectus quoted Wednesday (24/5), HLI as the newest controlling shareholder of Lippo Insurance has declared its commitment to purchase the entire rights that will be offered starting from May 24 to June 22, 2023. The fund source for this corporate action is HLI's own internal cash.

The company gained approval from the Financial Services Authority (OJK) as the controller of 99.61% of PT Lippo Insurance on December 23, 2022. Then, on March 29, 2023, HLI concluded the purchase of 47.69% of Lippo Insurance's shares via a negotiated market for a total of IDR 935.30 billion.

After this corporate action, Lippo Insurance's shareholders will consist of HLI of 47.69%, Hamwa General Insurance Co Ltd of 14.90%, PT Inti Anugerah Pratama of 23% and the public of 14.41%. (LK/ZH)