Medco sells affiliates' claims to Japanese investors
Monday, October 6 2003 - 03:29 AM WIB
PT Medco Energy International Tbk has sold its three affiliated companies' claims worth about Rp 910 billion (US$=Rp8,350) to a Japanese financial investor as the repayment for the three companies' debts, Bisnis Indonesia daily reported on Monday.
Medco's financial director Sugiharto said in Jakarta over the weekend that the transaction for the sale of the three companies' claims was signed in June, this year. He said he did not remember the total amount of the deal.
According to Medco's 2001 financial reported the three companies Medco Central Asia (MCA) Ltd, PT Medco Duta (Duta) and PT Medco Inti Duta (Inti) owed a total of Rp 910.69 billion.
Of the total debts, MCA owed Rp 551.91 billion to Medco, Duta around Rp 305.71 billion and Inti about Rp 53.07 billion. According to the debt repayment agreement, the three companies agreed to repay the debts with their claims. (*)