PT Medco to offer shares to the public

PT Medco to offer shares to the public

JAKARTA (JP): PT Medco Energi Corporation, an oil and natural
gas drilling, exploration and production company, will offer 20
million new shares equaling 30 percent of its total common stocks
to the public in mid-July.

The company's president, Hertriono Kartowisastro, told
reporters in a press conference here yesterday that the company
expects to generate about Rp 100 billion (US$46.32 million) from
the share issuance.

Hertriono said the funds from the share offering will be used
to finance Medco's expansion program and to strengthen the
company's working capital.

The company will hold a public expose next month as well as an
international road show in Singapore and European countries,
Hertriono said.

The company's director of finance, Sugiharto, said the new
shares will likely be listed on the Jakarta and Surabaya stock
exchanges in mid-August.

Sugiharto said the company is now owned by seven firms, but he
declined to give further details pending next month's public
expose with securities analysts and brokers.

Sugiharto said Medco has appointed Niaga Securities and Reka
Prima Sekurita as its lead and co-lead underwriters,
respectively.

Sugiharto said Medco will be the first oil-based company to be
listed on the stock markets here.(02)