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Medco will conduct an IPO of one of its subsidiaries

20 August 2019 11:28

JAKARTA. After acquiring several major entities, PT Medco Energi Internasional Tbk (MEDC) now intends to sell some of its assets.

Independent Director of MEDC, Anthony R. Mathias, said that one of the assets that will be sold are the shares of the company's subsidiary, PT Medco Power Indonesia (MPI). The company will release MPI shares through an initial public offering (IPO) scheme.

"Currently the process is in its final stages," Anthony said at the IDX Building, Jakarta on Monday (19/8/2019).

For the corporate action plan, the company will look for strategic investors with the help of JP Morgan.

Anthony admitted that there were already several investors who were interested and made an offer, but he still kept it a secret.

What is clear is that the investors chosen will have the ability to support MPI in developing the business of converting gas to electricity. In addition, MPI is also expected to be able to convert gas into liquefied natural gas (LNG). (AM/AR)

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