Medco to Become Main Gas Supplier to Singapore After Acquiring CIHL

Summary

Medco Energi Internasional will become the main piped gas supplier to Singapore as it completes the acquisition of ConocoPhillips Indonesia Holding Ltd (CIHL) shares, raising its portion to 78 percent of gas with a larger fixed price gas portfolio.

Medco Energi stated the acquisition of 12,000 CIHL shares, with a nominal value of US$1 per share and a base price of US$ 1.36 billion. The acquisition will be accretive and credit positive, and the scope for significant synergies will represent an upside. "With the acquisition (of CIHL shares), it will strengthen the company's financial condition by considering that the company will become the main piped gas supplier to Singapore," Medco Energi wrote in a disclosure filing on Thursday.

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