Mitra Rajasa offers $550m to buy Apexindo

Oil, gas services company PT Mitra Rajasa said on Thursday that it might spend as much as $550 million on a stake in drilling firm PT Apexindo Pratama Duta.

Both firms are listed on the Indonesia Stock Exchange

?At this moment, we are still doing due diligence and negotiation, we are offering around Rp 2,400 per share,? Mitra Rajasa?s president director Beni Pranoto.

Earlier, the company confirmed that it was in talks with to acquire 80.6 percent shares of Apexindo.

The company said negotiation was in progress with PT Medco Energi internasional Tbk and Encore International Limited which have 48.9 percent shares and 31.7 percent shares in Apexindo respectively. (*)