Medco has effectively sold remaining shares in fuel distribution unit
Tuesday, April 29 2014 - 11:52 AM WIB
IDX-listed oil and gas firm PT Medco Energi Internasional Tbk said on Tuesday it has effectively sold its remaining 35.28 percent stake in PT Medco Sarana Kalibaru (MSK) to Puma Energy (Singapore) Pte Ltd and Puma Energy Asia Pacific B.V.
Medco has a stake in MSK through PT Medco Downstream Indonesia (MOI).
The share purchasing ?has been effective as of April 24, 2014 following the fulfillment of all preliminary conditions set in the Share Purchase Agreement dated March 20, 2014,? the firm said in a statement.
The transaction is worth US$17.4 million, according to the firm.
MSK's principal assets include a fuel storage facility in Tanjung Priok International Port, North Jakarta and distribution capabilities in Kalimantan and Sumatra to serve the mining industry.
In December of 2012, Puma Energy, a global midstream and downstream energy company, acquired 63.88 percent of MSK for US$36 million to form a new venture called PT Puma Medco Petroleum.
Lukman Mahfoedz, Medco?s President Director and CEO, earlier said the sale of its remaining shares in MSK is part of the firm?s strategy strengthen its core business of oil and gas exploration
Editing by Johannes Simbolon