Medco drops plan to sell Apexindo

JSX-listed oil firm Medco Energi International Tbk said Thursday it cancelled its plan to sell its drilling subsidary PT Apexindo Pratama Duta for business reasons.

"We have told them (interested investors) that we will not sell it (Apexindo)," Medco's President Director Hilmi Panigoro was quoted by detik.com as saying in Jakarta on Thursday.

Earlier, three investors, including two from China and another one from India, had expressed the interest in buying Apexindo.

Medco controls 51.87 percent shares in JSX-listed Apexindo. (*)