Thailand?s PTT denies reports on plan to increase stake in Medco

Thailand?s PTT Public Company Limited (PTT) has denied reports that it has long standing interest in acquiring more shares of its Indonesia affiliate, PT Medco Energi International, if PTT?s unit, PTT Exploration & Production (PTTEP), approves the move.

?Please be clarified that PTT has never provided such interview and the news was falsely stated,? the company said in a statement released by the Stock Exchange of Thailand late Friday .

News stories about the alleged plan of PTT to inject fresh funds to buy another stake in Medco had been based on reports by Thai daily newspaper Business Day. The paper said that PTT president Viset Choopiban had revealed the plan.

Business Day said that PTT, which has a 61 percent stake in PTTEP, will look at investing more funds into Medco if PTTEP considers the investment sound enough.

Viset was reported as responding to plans by Cumin, a holding company owned by Credit Suisse First Boston (CSFB), to sell its 19 percent stake in Mauritius-based New Links Energy Resources.

PTTEP currently holds 40 percent stake in New Links, which owns 85.44 percent of Medco. Encore International of the Panigoro family has a participating interest of 40.1 percent in New Links.

The move to acquire CSFB shares in New Links would help increase PTEEP?s interest in Medco.

Medco is Indonesia?s largest publicly traded oil and natural gas company. (leo/robert)