BNI interested in taking over Medco?s claims

The management of state owned Bank Negara Indonesia (BNI) has expressed their interest to take over publicly listed PT Medco Energi Internasional?s claims worth about Rp 910.69 billion to its subsidiaries PT Medco Central Asia and PT Medco Inti Dinamika, Bisnis Indonesia reported on Thursday.

A source told the daily that BNI had a firm plan to purchase Medco?s claims but the bank had yet to formally submit its bid to the local oil company. When asked to confirm, Medco Energi?s spokesman Gamala V. Katoppo refused to comment on the subject.

According to Medco?s annual report for 2001 financial year, PT Medco Central Asia owed about Rp 551.91 billion to Medco Internasional while the other subsidiary PT Medco Inti Dinamika owed another Rp 53.07 billion. The total accounts receivable from the two companies reached Rp 910.69 billion.

Medco Internasional is planning to sell the claims to its two subsidiaries as part of its financial consolidation measure. The company?s claims are now being assessed by PT Madani Sekuritas. (*)