PTTEP Offshore Investment Co. to make a tender offer on Medco shares
Monday, February 11 2002 - 03:02 AM WIB
Thailand?s PTTEP Offshore Investment Co. Ltd. will make a tender offer to purchase 6 percent shares in the Jakarta-listed oil and gas firm PT Medco Energy which are owned by the public to comply with the ruling of the local capital market watchdog, Bapepam.
Bisnis Indonesia daily quoted Medco chief financial officer Sugiharto as saying that the tender offer was necessary because PTTEP had previously purchased a 40 percent stake in Medco.
PTTEP bought the shares from Cumin Ltd., a company controlled by investment bank Credit Suisse First Boston.
Sugiharto said that Medco welcomed the entry of PTTEP, which he said was a strong business group with international rating of triple B, which is equal to the sovereign rating of Thailand.(*)