Medco to list its overseas business unit in London next year

Indonesia?s publicly-listed energy firm PT Medco Energi International plans to sell shares in a holding company that manages its overseas businesses in London early next year.

?The London bourse has Middle Eastern and North African investors which are close to the global oil market,? Medco?s president director Hilmi Panigoro said Monday.

The move aimed among others to prevent cash flow at its domestic operations from being affected by expenses at overseas businesses, Hilmi said in Nov 17,2006. (*)