Medco's subsidiary to sell 335 million shares via IPO
Friday, May 17 2002 - 03:54 PM WIB
Oil drilling company PT Apexindo Pratama Duta, a subsidiary of oil and gas publicly traded firm PT Medco Energy International, will sell up to 335 million shares through an initial public offering (IPO) on the Jakarta Stock Exchange in September, Medco said on Friday.
The nominal value of each share will be Rp 500 (US$=Rp9800), Medco said in a report submitted to the Capital Market Supervisory Agency (Bapepam).
IPO proceeds will be used for buying new drilling rigs, building an integrated warehousecompound and a training center in Bojonegara, West Java, and for human resources development projects. (Robert/Leo)