Medco mulls to divest Apexindo again
Saturday, July 21 2007 - 01:58 AM WIB
JSX-listed energy firm PT Medco Energi International Tbk. is reconsidering the possibility of divesting the company’s drilling subsidiary, PT Apexindo Pratama Duta, amidst the increase in rig rental tariff, Bisnis Indonesia reported Saturday.
“If there is a good offer, I will consider selling the stake in Apexindo. Up till now, none of the prospective investors has offered a good price. The sale of stake (in PT Apexindo) was delayed because the prices they offered were lower than that we expect,” Medco Energi’s president director Hilmi Panigoro was quoted by the daily as saying in Jakarta Friday.
No detail information on the planned divestment of Apexindo but Hilmi said that a discussion on the company’s assets by the management was underway.
On August last year, Medco cancelled its plan to sell its drilling subsidary PT Apexindo Pratama Duta for business reasons. Earlier, three investors - two from China and another one from India - had expressed the interest in buying Apexindo.
Medco controls 51.87 percent shares in JSX-listed Apexindo. (*)