Middle East investor eyes Apexindo?s 30% stake
Thursday, July 11 2002 - 02:38 AM WIB
"The investor is still conducting a due diligence on the company," Agus Lomboan, the financial director of Apexindo told reporters following the initial listing of the company?s shares on the Jakarta Stock Exchange (JSX) on Tuesday.
He said that many investors from the Middle East were interested in buying Indonesian energy companies? shares. But none of them have realized their plans. He refused to unveil the name of the investor interested in buying Apexindo?s shares. But he said that the plan had been made along before the company launched its initial public offering (IPO).
PT Apexindo Pratama, a subsidiary of local oil giant PT Medco International, formally listed its 1.745 billion shares on the JSX on Tuesday. The company which operates in offshore and onshore oil contractor made its (IPO) recently by selling 200 million new shares to the public.
At present, the company is 77.53% percent owned by Medco, 7.12% by PT Hertech Kharisma, 0.08% by Fadli Ilhamsyah and 11.46% by the public.
Chief financial officer of Medco, Sugiharto, said that Medco intended to further reduce its ownership in Apexindo to less than 51%. "If it is possible, Medco will become minority stake so that Medco no longer needs to consolidate Apexindo?s balance sheets," he added. (*)