No major change in Medco shareholder structure: Official

The sale of a 40 percent stake in New Links Energy Resources Ltd., which controls the publicly-listed oil and gas firm PT Medco Energy, will not cause major change in the ownership structure of the latter, Medco corporate secretary said in a letter to the Jakarta Stock Exchange.

According to the letter, New Links will still control 85.44 percent share of Medo. The other shareholders will still include Credit Suisse First Boston 1.17 perent, PT Medco Duta 2.35 percent, the public 6.7 percent, and treasury 4.32 percent.

Thailand?s PTT Exploration and Production Public Co. Ltd., via its subsidiary PTTEP Offshore Investment Co. (PTTEPO), signed on Oct. 7 an agreement to buy 40 percent shares in New Links from Cumin Ltd of the Credit Suisse Boston Group for about US$225 million. The transaction is expected to be completed by the end of this year.

The Medco corporate secretary said that if the transaction was completed, New Links would be jointly controlled by PTTEPO, the family of businessman-turned-politician Arifin Panigoro, and Cumin Ltd.(Godang)