Medco reverts to Panigoro family

JAKARTA: The Panigoro family completed its acquisition of New Links Energy Resources, which owns 85.5 percent of oil and gas firm Medco Energy, after the final payment was made on Wednesday.

"Now we have obtained full control over the company, which was founded by the family in 1980," Hilmi Panigoro, CEO of Medco Energy, said in a statement.

Financial institution UOB Asia Limited and Merrill Lynch (Asia Pacific Limited) financed the transaction by providing debt facilities of US$278 million and $175 million respectively.

The deal means that the Panigoro family has completed the process of buying back the shares of Medco Energy. Another shareholder, Arifin Panigoro, has said the family would put 40 percent of the shares up for offer during an initial public offering (IPO) on the Singapore and London stock exchanges. -- JP