Medco acquires 59% stake in Novus
Tuesday, June 15 2004 - 02:10 AM WIB
Jakarta listed oil and gas company PT Medco Energi Internasional has acquired a 59 percent stake in Australian listed energi concern Novus Petroleum Ltd., the Bisnis Indonesia daily quoted the former company CEO Hilmi Panigoro as saying.
Hilmi told the paper on Monday that the purchase was carried out last week, Medco would acquire more of Novus shares in the next two weeks. Medco has planned to acquire up to 100 percent of Novus.
?We have now acquired 59 percent shares, but the acquisition process will still be continued. Medco will still purchase shares from other institutional investors,? Hilmi said.
Medco?s plan to acquire Novus has been made possible after rival Sunov Petroleum Pty decided last week not to top Medco?s price offer for the Novus shares. Medco offered A$1.9 per share, while Sunov only offered $1.85 per share.
According to Hilmi, Medco paid around A$206 millin for the 59 percent Novus shares.(*)