JAKARTA. Two subsidiaries of PT Medco Energi Internasional Tbk (MEDC) had arranged a deal between them to convert debts worth USD 14.5 million or IDR 206.5 billion to shares.
Anthony R Mathias, Director of Medco Energi, claims that the said debt was provided by Petroleum Exploration & Production International Ltd (PEPIL) to Fortico International Ltd. “Both of them are our subsidiaries, 100% owned by the company, and established under Cayman Islands law,” Mathias confirms in an official announcement.
Mathias further reveals that PEPIL channelled the loan so that Fortico could support its operational activities.
Based on idnfinancials.com data, as of March 2021, MEDC owned cash and cash equivalents of USD 504.45 million. Meanwhile, its assets totalled USD 5.99 billion.
PT Medco Daya Abadi is still recorded as the controller by the end of the first quarter, owning 51.58% of the shares. Then, Diamond Bridge Pte Ltd claims another 21.05%, while PT Medco Duta owns 0.19%, PT Multifabrindo Gemilang 0.04%, and public investors 26.09%. The small remaining portion is dividend among the directors and commissioners of MEDC. (KR/ZH)