Panigoro family may sell 35% stake in Medco this year: Report
Wednesday, March 23 2005 - 02:16 AM WIB
The Panigoro family is planning to sell around 35 percent shares in Indonesia's largest oil and gas firm PT Medco Energi Internasional this year, according to the Jakarta-based Investor Daily.
The paper, quoting a report made by top brokerage firm Trimegah Securities, said that the plan might be realized either in the third quarter or fourth quarter of this year depending on stock market condition.
The business newspaper did not provide comments from the Panigoro family, but it said that Medco president Hilmi Panigoro had previously told the press that his family was considering to sell up to 40 percent shares to improve the liquidity of the publicly listed company's shares in the stock market.
The Panigoro family is the indirect majority owner of Medco through Encore Ltd, which fully owns New Links Energy Resources Ltd., the holding company that owns 85.5 percent of Medco.(*)