Medco?s Apexindo uses IPO proceeds for three projects

Drilling company PT Apexindo Pratama Duta Tbk, a subsidiary of local oil giant PT Medco Energi International Tbk, said on Tuesday it had used 93 percent of the Rp105.7 billion (US$=Rp9,200) it had generated through initial public offering (IPO) for three projects.

The projects were the construction of swamp barges (Rp95.1 billion), technology development (Rp1.6 billion), and human resources development (Rp1.6 billion), the company said.

The company further said that the remaining Rp7.4 billion would be used for constructing a warehouse and a training center respectively in Bojonegoro (East Java) and Serang (Banten).

Apexindo launched IPO in June 2002, and less than one month later it listed 1.745 billion shares on the Jakarta Stock Exchange. Of the 1.745 billion shares, 1.545 billion were old shares and 200 million were new shares.

Apexindo is 77.53 percent owned by publicly listed Medco, 7.12 percent by PT Hertheh Karisma, 0.08 percent by Fadli Ilhamsyah and 11.40 percent by the public. (robert)