Medco?s subsidiary plans listing on Sydney stock exchange

A subsidiary of oil company PT Medco Energi Internasional, PT Apexindo Pratama Duta plans a listing on the Sydney Stock Exchange following its initial public offering on the local market later this year, Bisnis Indonesia reported on Tuesday.

Thendri Supriyatno, investors relations of the company, said in Jakarta on Monday that PT Apexindo would be first listed on the Jakarta Stock Exchange (JSX) on the second semester of this year before entering the Australian stock market.

He said that PT Apexindo would be a surviving company from the merger of the oil company?s two subsidiaries. Medco Antareja, the merged subsidiary, would be dissolved and all of its assets and liability would be transferred to the surviving company PT Apexindo.

"The initial public offering (IPO) of Apexindo will most probably be realized in the second half of this year,? he was quoted as saying.

He said that the IPO was still in preparation but the company had approached an Australian firm to support the planned listing in the kangaroo country.

The contribution of the two subsidiaries, which are involved in oil and gas exploration, contributed only about 10 percent to Medco?s total revenues, he said. (*)