New Links Energy to buy Medco shares from public

New Links Energy Resources Ltd., a Mauritius-based company, said Tuesday it plans to make a tender offer for a 5.38 percent stake, or 178.9 million shares, held by the public in oil, gas producer PT Medco Energi Corp.

New Links owns 85.4 percent of Medco after a debt restructuring last year. Under Indonesian capital market rules, the company must make an offer to minority public shareholders to buy their stakes.

The offer runs from March 27 until April 25, New Links said in a full-page advertisement in the Indonesian media Tuesday.

Thailand's PTT Exploration & Production owns a 40.percent stake in New Links. Indonesian businessman and Medco founder, Arifin Panigoro, owns 40.1 percent, with Credit Suisse First Boston holds 19.9 percent.

New Links said it would buy the public shares in Medco for Rp. 1,525 (US$1=Rp. 9,700).

New Links Energy said if the shareholders agree to sell their shares, the company would consider delisting Medco from the Jakarta Stock Exchange. (*)