Indian company offers to buy 32.15% of Apexindo shares
Saturday, July 29 2006 - 02:45 AM WIB
Indian oil company Aban Lloyd Chiles Offshore Ltd (ALCO) has made a firm offer to buy 32.15 percent of PT Medco Energi Internasional's 32.15 percent stake in PT Apexindo Pratama Duta Tbk for US$550 million (about Rp 5 trillion), Bisnis Indonesia reported Saturday.
The Indian company said that it would divest the company's shares in its Singaporean subsidiary or to issue bonds to raise funds to partly finance the purchase of Medco's shares in drilling company Apexindo.
Medco's president director Hilmi Panigoro acknowledged in Jakarta Friday that he had received a formal offer from the Indian company to buy a 32.1 percent stake in Apexindo.
"But we have not made any decision on the Indian company's offer," he was quoted as saying by Bisnis Indonesia. He said that other interesting companies still had the chance to buy Apexindo's shares.
In May, Medco also received similar offer from the Indian company to buy its 51.97 percent stake in Apexindo. (*)