New Link's stake in Medco Energy not reduced
Wednesday, October 10 2001 - 09:04 AM WIB
Jakarta ? The divestment of 40 percent of New Link Energy Resources Limited shares would not reduce its ownership in PT Medco Energy International Tbk (MEDC), MEDC?s corporate secretary Sugiharto said in his letter to the Jakarta Stock Exchange, dated October 9.
New Link Energy Resources Limited presently presently has 85.44 percent stake in PT Medco Energy International.
On Oct 7, Bangkok-based PTTEP Offshore Investment Company Limited, the majority shareholder of New Link, reached an agreement with Cayman Island-based Cumin Limited for buying 40 percent of the latter?s stake in New Link.
Aside from New Link, other shareholders of Medco Energy are Credit Suisse First Boston (1.17 percent), PT Medco Duta (2.35 percent), public investors (6.7%) and treasury share owners (4.32%). (godang)