State-owned oil and gas producer PT Pertamina (Persero) intends to acquire 46.41% stakes in publicly listed oil and gas company PT Medco Energi Internasional Tbk (MEDC), controlled by Indonesian tycoon Panigoro family.
State-Owned Enterprises Minister Mustafa Abubakar said Pertamina is underway to set due diligence on Medco Energi.
"Karen [Pertamina President Director] has sounded to us about the proposed acquisition. We back up Pertamina," he said. Mustafa said post acquisition, Pertamina is getting stronger in upstream business.
As of March 2010, Encore Energy Pte Ltd controls 50.70% shares in Medco, PT Medco Duta holds 0.16% shares, PT Multifabrindo Gemilang owns 0.06%, and public shareholders hold 49.08%.
Disclosure: No position at the stock mentioned above.
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