MedcoEnergi to trade shares on Luxemburg stock exchange

PT Medco Energi Inyernasional Tbk will list its shares on the Luxemburg Stock Exchange next month in a bid to give a wider opportunity to foreign investors to buy the company's stocks, the company's President Director Hilmi Panigoro said in Jakarta on Thursday.

"The listing on the Luxemburg exchange will be carried out in the third week of July. With the new listing, we hope we can increase the number of shares held by the public to 40 percent from about 7.4 percent at present," he said.

According to him, the listing of more shares on the Luxemburg Stock Exchange was aimed to improving the liquidity of the company's shares trading. He said that MedcoEnergi had appointed three major securities companies Merlynch, UOB and CSFB as financial advisors for the dual listing.

With the help of the three financial advisors, the company would soon carry out a road show in several major cities in Asia, Europe and the United States to promote its share trading on the Luxemburg exchange

Hilmi also said that MedcoEnergi would soon divest its ownership in four oil block in Oman as part of the company's main agenda this year. "The four oil block will be sold to an European company, and the deal will be signed next week," he said but refused to elaborate.

MedcoEnergi, one of Indonesia's major oil and gas producers, said the company would begin production activities at its Tiaka oil field in Central Sulawesi next month. The new oil field which is expected to produce about 4,000 barrels per day will increase the total oil production to 60,000 bpd this year. At present the company also produces about 150 million cubic feet of gas. (dino)