Three firms bid to acquire stake at Medco

Three foreign firms are known to have submitted bids to buy 20 percent shares of Panigoro family-controlled Encore Limited, a holding of JSX-listed oil and gas firm Medco Energi International, for at least US$ 250 million.

The three foreign investors are Aabar Petroleum Investments Company from Abu Dhabi, Kuwait Foreign Petroleum Exploration Company (Kufpec) and Mitsui from Japan.

?The process of selling Encore shares will most probably be completed by end of this month,? the source told Bisnis Indonesia in Jakarta on Friday.

Medco president director Hilmi Panigoro said last week that it was just a rumor in the market.

?So far, there is no change in the ownership (of Medco),? Hilmi said. (*)