Lippo Limited

Lippo Limited
Formerly
 Public Finance (H.K.) Limited
public
Traded as SEHK: 226
Founded 30 January 1973 (1973-01-30)
Headquarters 24/F, Tower 1, Lippo Centre, Hong Kong Island, Hong Kong
Key people
Mochtar Riady(Hon. Chairman)
Stephen Riady(Chairman)
John Lee(MD & CEO)
Revenue Increase HK$3.857 billion (2015–16)
Decrease (HK$187 million) (2015–16)
Total assets Decrease HK$17.457 billion (2015–16)
Total equity Decrease HK$9.143 billion (2015–16)
Owner
Riady family (via Lippo Capital)(69.75%)
general public(30.25%)
Parent Lippo Capital
Subsidiaries
Hongkong Chinese(65.8%)
Lippo China Resources(71.2%)
Website lippoltd.com.hk
Footnotes / references
in consolidated financial statement; financial year ended on 31 March[1]

Lippo Limited (Chinese: 力寶有限公司) is a Hong Kong incorporated listed company. It is the parent company of Hongkong Chinese Limited (SEHK: 655), Lippo China Resources Limited (SEHK: 156) and Auric Pacific Group (SGX: A23), all listed companies. Founded by Indonesian Chinese Mochtar Riady, Lippo Limited was majority owned by Lippo Capital; in turn Lippo Capital was 60% owned by Mochtar's son Stephen Riady (via Lippo Capital Group), as well as his brother James Tjahaja Riady (via PT Trijaya Utama Mandiri).[2][3][4]

History

Public Finance (H.K.) Limited (Chinese: 萬衆財務(香港)有限公司) was incorporated on 30 January 1973.[nb 1] On 30 July 1991 the company was renamed to Lippo Limited (SEHK: 226).

In 1998 via subsidiary Lippo China Resources (SEHK: 156), the group formed a joint venture Lippo CRE (Financial Services) Limited with China Resources Enterprise to act as the parent company of The HKCB Bank Holding Limited (now known as Hongkong Chinese Limited, SEHK: 655), which in turn the parent company of Hongkong Chinese Bank for 60.6% shares. The price was about HK$1.2 billion.[5]

In 2001, Lippo China Resources re-acquired 50% shares of Lippo CRE (Financial Services) Limited (which owned 58.78% shares of HKCB Bank Holding), as well as an additional 5.84% shares of HKCB Bank Holding from China Resources Enterprise for about HK$1.8 billion, effectively buying 35.23% interests in HKCB Bank Holding.[6] In the same year HKCB Bank Holding sold the entire share capital of Hongkong Chinese Bank to CITIC Ka Wah Bank for HK$4.2 billion.[7]

In December 2016, second-tier subsidiary Auric Pacific Group (a listed company majority owned by Lippo China Resources) was privatized by Lippo Limited's chairman Stephen Riady (son of Mochtar Riady) and his son-in-law Andy Adhiwana (via a SPV Silver Creek Capital) for S$1.65 per shares.[8][9]

Subsidiaries

former
  • Auric Pacific Group
    • Délifrance Asia Ltd. (100%)
    • Delifrance Singapore Pte. Ltd. (100%)
    • Delifrance (HK) Ltd. (100%)
    • Delifrance (Malaysia) Sdn. Bhd. (100%)
    • Shanghai Delifrance Foodstuff Co., Ltd. (100%)

Footnotes

  1. ↑ Should not be confused Public Finance (H.K.) Limited with Public Finance Limited, known as JSG Finance until 2006, a subsidiary of Public Financial Holdings (SEHK: 626), nor it was not related to People Credit Service Limited (Chinese: 萬眾財務有限公司).

References

  1. ↑ "2015–16 Annual Report" (PDF). Lippo Limited. Hong Kong Stock Exchange. 28 July 2016. Retrieved 16 March 2017.
  2. ↑ "REORGANISATION OF THE CONTROLLING SHAREHOLDER OF THE GROUP" (PDF) (Press release). Hong Kong: Lippo Limited. 6 December 2017. Retrieved 12 December 2017 – via Hong Kong Exchanges and Clearing.
  3. ↑ 「印尼錢王」李文正分身家. Apple Daily (in Chinese). Hong Kong: Next Digital. 7 December 2017. Retrieved 12 December 2017.
  4. ↑ 力寶系控股股東重組. Instant News. Hong Kong Economic Journal (in Chinese). 6 December 2017. Retrieved 12 December 2017.
  5. ↑ "CRE will become the controlling shareholder of HKCB with 60.6% stake" (PDF). China Resources Enterprise. 2 July 1998. Retrieved 16 March 2017.
  6. ↑ "CRE disposed of its effective interest of 35.23% in HKCB Holding for HK$1.8 billion" (PDF). China Resources Enterprise. 1 November 2001. Retrieved 16 March 2017.
  7. ↑ "Completion of Disposal of the entire issued share capital of The Hongkong Chinese Bank, Limited and its subsidiaries and Special Cash Dividend" (Microsoft Word). Hongkong Chinese Limited. Hong Kong Stock Exchange. 18 January 2002. Retrieved 12 March 2017.
  8. ↑ "Voluntary Conditional Offer For Auric Pacific Group Limited - Dealings Disclosure". Auric Pacific Group. 7 February 2017. Retrieved 16 March 2017.
  9. ↑ Anita Gabriel (8 February 2017). "Riady family moves to take Auric Pacific private". The Business Times. Singapore Press Holdings. Retrieved 19 November 2017.
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