Medco to sell part of Apexindo shares
Tuesday, August 19 2003 - 03:02 AM WIB
PT Medco Energy International Tbk will sell part of its ownership in oil and gas exploration company PT Apexindo Duta Pratama to strategic investors, Koran Tempo reported on Tuesday.
Medco's president director Hilmi Panigoro said that the planned sale was part of a program to create a new synergy aimed at strengthening the activities of Apexindo.
He was reluctant to unveil the percentage of shares that will be sold to strategic investors.
At present, Medco owns 77.5 percent in Apexindo and the other 11.5 percent owned by the investing public. Other companies hold the remainders. (*)