Arifin sells Dragon stake

Sat, 23 May 1998 | Source: REUTERS

LONDON (Reuters): Oil exploration and production company Dragon Oil Plc. said yesterday its chairman Arifin Panigoro wanted to sell his 46 percent stake in the firm, to channel his resources into business opportunities in Indonesia.

The firm said in a statement it had appointed investment banks Dresdner Kleinwort Benson and Goldman Sachs to review its strategic alternatives in the light of Panigoro's decision "to effect an orderly disposal" of the stake, which is held by his private company, Satellite Overseas Limited.

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