Medco officially offers entire stake in Apexindo

JSX-listed energy firm PT Medco Energi International is offering its entire stake in the drilling service company PT Apexindo Pratama Duta to at least 50 international strategic investors as part of the company's business consolidation.

 

"The sale of the stake in Apexindo is in line with the Medco's focus only in upstream oil and gas operation," Medco's president director Hilmi Panigoro said in a statement to Jakarta Stock Exchange on Tuesday.

 

Medco has named Credit Suisse as an advisor to help it sell its stake.

 

At present, Medco has 51.38 percent stake in Apexindo which provides drilling services both in Indonesia and overseas. The remainders are held by Asian Opportunities Fund I Segregated (15.85 percent), and by CIMB-GK Securities Pte Ltd (15.85 percent), and the investing public (16.74 percent). (denny)