Medco Energi Indonesia to buy back US$9.7 mln of its shares

Oil company PT Medco Energi International (JSX:MEDC) plans a buyback on its shares worth Rp86 billion (US$9.7 million) as the price on the secondary market was not appropriate with its corporate performance.

Medco's shareholders meeting on June 23 gave the management authority to buy back shares at a maximum price of Rp2,000 per share with a maximum cost of Rp86 billion in 12 months.

The management said that Medco's performance was currently excellent, following the increase in the world's oil price.

Early this year, Medco projected an oil price at $20 per barrel. The price now reaches $37-$38 per barrel. (*)