Medco Global delays IPO

IDX-listed energy firm PT Medco Energi Internasional Tbk has decided to delay the placement of the shares belonging to its overseas sub-holding business unit, Medco Global, due to uncertain market conditions, Bisnis Indonesia Daily reported on Friday.

Medco Energi?s President Director Hilmi Panigoro said in Jakarta on Thursday that the company originally intended to complete the sales of the shares to strategic buyers in February or March this year.

"I have asked (our) advisors to make observations in the next two months. If the conditions improve, I will give a greenlight," Hilmi said.

The company has planned to divest up to 40 percent of Medco Global through private placement and IPO and has named Europe?s biggest bank UBS AG as bookrunner.

Outside Indonesia, Medco has operations in six countries, including the United States, Libya, Yamen and Cambodia. (*)