Medco may reconsider selling Apexindo

JSX-listed PT Medco Energi Internasional Tbk might reconsider selling its subsidiary PT Apexindo Pratama Duta Tbk if there is a good offer, the company's majority shareholder Arifin Panigoro has said.

"With its status as a public company, Medco is always profit oriented. So if there is extremely good offer, it will be quite possible we will sell Apexindo," Arifin told reporters Thursday.

However, he said that for the time being, Medco as the majority shareholder still regarded the operation of Apexindo, which provides exploration services, was still important to support its business.

Medco earlier planned to sell its 52 percent stake in Apexindo. At least three companies including Aban Loyd Chiles Offshore Ltd of India, China Oilfield Services Limited and China National Offshore Oil Corporation Limited (CNOOC) had launched their bids to buy the company's stake. But Medco later cancelled the divestment plan, saying that the operation of Apexindo is still important to support Medco business. (*)