Mitsubishi sells remaining shares in Medco Energi

Japan?s Mitsubishi Corporation has exited IDX-listed energy firm PT Medco Energi International Tbk by selling all of its remaining 1.33 billion shares ? equivalent to a 9.99 percent stake ? to PT Medco Daya Abadi Lestari, according to a report.

The parties agreed on a price of Rp 411 per share, bringing the total deal value to Rp 547 billion, or approximately $40 million, dealsreetasia.com said on Friday, without revealing the source of its information.

At the close of the transaction, Medco Daya Abadi will control 14.98 percent (1.99 billion shares) of Medco Energi, the report said.

Mitsubishi acquired around 20 percent stake in Medco Energi in 2007. In May of this year, it was reported that the Japanese firm sold around 10 percent of the stake to a Medco subsidiary. (*)