Chinese firms may buy Apexindo stake

Chinese companies have made rival bids for Southeast Asia?s biggest after India?s Aban Loyd Chiles Offshore Ltd. offered to buy a stake in PT Apexindo Pratama Duta valued at about US$170 million.

Aban said recently it is in talks for a 32 percent stake in Apexindo from PT Medco Energi International, Indonesia?s largest publicly traded oil company, which controls the oil driller.

China National Offshore Oil Corp. and China Oilfield Services Ltd. have also joined a bid for Apexindo, Bisnis Indonesia reported Wednesday, citing an official it didn?t name.

Aban Loyd came to us and as the news spread, some Chinese companies then told us, ?Hey, we want to buy it too? Rashid I Mangunkusumo, Medco?s chief growth officer, said in an interview in Jakarta, without naming the Chinese bidders, The Jakarta Post reported Thursday.

?We won?t be rushing to sell Apexindo. It?s a very profitable unit for us. And if we sell it, we want the highest price.? (*)