Medco plans new venture to manage overseas units, sell shares

Indonesia?s publicly-listed energy firm PT Medco Energi International plans to set up a holding company to manage its overseas businesses in countries including the U.S. and Libya and sell shares in the new venture.

The company will sell shares overseas, probably in the second half of 2007, company president Hilmi Panigoro said on Friday, adding that the shares may be traded in Singapore or London.

The move aimed among others to prevent cash flow at its domestic operations from being affected by expenses at overseas businesses, he said. (Godang)