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Tencent receives $44m investment from Indonesia's Lippo

Conglomerate seeks to strengthen its 'digital muscle'

The logo of Indonesian e-commerce company, seen at its headquarters in Jakarta.   © Reuters

JAKARTA -- Indonesian conglomerate Lippo Group, best known for its property and hospital businesses, is moving deeper into digital business with a 628 billion rupiah ($43.9 million) investment in Chinese internet group Tencent Holdings.

The investment comprises new Tencent shares and equity-linked notes, and is being made by a Hong Kong investment subsidiary of the company, Lippo said in a statement published in the Jakarta Globe, a publication owned by the group.

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