Medco Global to launch IPO in London

Medco Global, the subsidiary of PT Medco Energi International, will launch an initial public offering (IPO) on the London Stock Exchange (LSE) sometimes between March and April next year, Kontan reported Saturday.

 

Hilmi Panigoro, president director of MedcoEnergi, said in Jakarta Friday that the company had appointed UBS AG Singapore as the lead underwriter for the planned IPO, which is expected to raise about US$400 million in fresh funds.

 

"At the latest, the IPO plan will be carried out between March and April, next year," he was quoted as saying. He said that about 40 percent of Medco Global's shares would be sold during the IPO.

 

Hilmi said that the funds raised from the IPO would be used to strengthen the company's capital structure, and to finance the overseas operations.

 

Medco Global is MedcoEnergi's sub-holding company which oversees the company's overseas subsidiaries in Libya, Yemen, USA, Oman and Cambodia.

 

In addition to the IPO plan, MedcoEnergi has also named Credit Suisse as an advisor to help it sell its stake in the drilling service company PT Apexindo Pratama Duta. Medco has 52 percent stake in Apexindo. (*)