PTTEP confirms deal with Medco founder shareholder

Thailand?s PTT Exploration and Production Public Company Limited's (PTTEP) said on Tuesday that it had signed a Conditional Share Purchase Agreement to sell its entire shareholdings in New Links to Encore Int'l Limited.

PTTEP has indirect investment of 34.20% through a 40% holding in News Links Energy Resources Limited in JSX-listed oil firm PT Medco Energi International Tbk. Encore is a paper company owned by Medco founder shareholder the Panigoro family.

?Encore, also a current shareholder is choosing to exercise its pre-emptive right to purchase the aforementioned shares. The Company expects the sale to be completed in February 2005 and will report the progress in due course,? said PTTEP in a statement filed with Thai Stock Exchange.

?The transaction is in line with the Company's investment strategy which has been changed from investing in holding companies to focusing on direct investment in petroleum assets. PTTEP will continue pursuing its direct investment in petroleum assets in Indonesia and will continue maintaining close cooperation with Encore and Medco.? (alex)