Medco plans to sell stake at Apexindo in 2004
Wednesday, August 11 2004 - 04:19 AM WIB
"We expect to complete the sale of Apexindo later this year or by the first quarter of next year," Medco's Finance Director Sugiharto told reporters.
Medco has a 77.53% stake in Apexindo, which is involved mainly in oil drilling.
He didn't elaborate, but said Medco over the next five year will focus on its upstream, power plant and petrochemical operations.
"After the sale, we will have only a minority stake in Apexindo," Sugiharto said. He didn't provide figures for the value of the unit sale.
To boost its revenue, Medco is also planning to acquire two oil and gas blocks in Indonesia, as well as to build a power plant on Batam Island, he said.
Sugiharto said the company also expects to complete the takeover of Australian mid-sized energy company Novus Petroleum Ltd. later this month.
"We now have a 92.33% stake in Novus and expect to buy the remaining stake on Aug. 20," he added.
The Indonesian company had initially made a A$1.74-a-share offer for Novus last December but eventually sweetened the offer to A$1.90 a share.
Thailand's PTT Exploration & Production PCL (PTTEP.TH) owns 34% of Medco. (*)