Medco increases stake in Australia's Novus
Tuesday, June 22 2004 - 01:25 AM WIB
Jakarta-listed PT Medco Energi Internasional increased its stake in Australia's Novus Petroleum Ltd to 83 percent last week from 59 percent a week earlier, various papers in Jakarta reported on Tuesday.
Medco Finance Director Sugiharto said the company is still seeking to acquire more shares from minority shareholders through the secondary market in Australia.
“We hope to complete the acquisition on Jun 25,” Sugiharto told reporters on Monday adding that he would fly to Australia this week to take over the management of Novus.
He said Medco has set aside Aus$350 million to acquire Novus and for which it will use a loan from Singapore's United Overseas Bank. (*)