Medco to list subsidiaries on Sydney exchange

Medco Energi Internasional plans to list its drilling subsidiaries PT Medco Antareja and PT Apexindoi Pratma on the Sidney Stock Exchange (SSE) later next year as part of the company?s divestment plan in the two business units, Neraca reported on Monday.

The Arifin Panigoro family, however, would continue to main its majority ownership despite the oil business group?s divestment plan.

The company did not explain if the initial public offering (IPO) of its two business units was part of its debt restructuring program.

Last week, Medco Energy for the second time failed to carry out its extraordinary meeting due to the lack of quorum. Most of independent shareholders who should vote for its plan to restructure debts of its subsidiaries PT Medco Central Asia Ltd and PT Medco Duta did not show up.

As earlier reported, PT Medco Central Asia Ltd and PT Medco Duta are seeking approval to reschedule their debts worth Ro 606.99 billion and Rp 332.73 billion, respectively to Medco Energi. (*)