Medco pays off $97 million debt to Bahana
Tuesday, September 17 2002 - 12:14 PM WIB
Publicly listed oil producer PT Medco Energi International Tbk said on Tuesday it had paid off its US$97 million debt to Bahana Pembinaan Usaha Indonesia.
Medco Energi had in August paid $13 million to Bahana, which was the last repayment portion, Medco Group's CEO Hilmy Panigoro told reporters.
Hilmy said Medco had obtained the loan in 1997 and had used it to buy shares of oil firm Dragon Oil, which was listed the London Stock Exchange.
Hilmi said the loan had been guaranteed with 78,360,000 shares of Medco Energi which were valued at $10 million, combined.
Medco is Indonesia?s only oil producer listed on the Jakarta Stock Exchange.
The company said earlier it had recorded a consolidated net profit of $58 million in the first half of 2002, 50 percent higher than last year?s corresponding period. (godang)