Encore wraps up New Links acquisition

JAKARTA: Encore International Ltd., owned by the Panigoro family, now holds more than 85 percent stake in the publicly-listed PT. Medco Energi Internasional, as it completed the acquisition of New Links Energy Resources Ltd.

New Links owns a 85.5 percent stake in Medco.

Encore bought the remaining 19.9 percent share of New Links from Cumin Ltd. and 40 percent from PTTEP Offshore Investment Company Ltd., which boosts its ownership in New Links to 100 percent, for US$343.5 million.

Financing for the transaction was arranged by UOB Asia Limited and Merril Lynch (Asia Pacific) Ltd.

"The success of this transaction is testament to Medco Energi's standing and reputation in the international capital markets," Roger Suyama, head of Merrill Lynch Investment Banking Indonesia, said in a statement.

Medco is the largest national private oil and gas company in Indonesia with $1.43 billion in assets. -- JP