Temasek preferred bidder for Medco stake

Singapore investment firm Temasek Holdings confirmed it has been selected as the preferred bidder to buy a 38.4 percent stake in Indonesia's PT Medco Energi Internasional, Channel News Asia reported Thursday.

This comes hot on the heels of Temasek's announcement in its first-ever annual report that it will raise its Asian investments to one-third of its total portfolio.

Medco is Indonesia's biggest publicly traded oil company.

Temasek will be buying it from PTT Exploration & Production, Thailand's second largest gas producer, and other investors.(*)