Mitsubishi Corporation seen to be the winner in the bid for stake in BVI-based Encore Ltd.
It was reported last week by some Indonesian newspapers that a 20% stake in the British Virgin Islands-registered Encore Limited will be probably received by Japanese trading house Mitsubishi Corp.
Mitsubishi is now the most likely winner in the bidding for this stake, after rival bidder Aabar Petroleum Investment Co pulled out. It is said in the same report that the value of 20% stake is about 350 million USD, and that the bidders have been conducting due diligence on Encore since November 2006.
The BVI-based Encore Ltd., controlled by the Panigoro family, is currently the single largest shareholder in Indonesian oil and gas company PT Medco Energi International,with a 50.7% stake.
Both the BVI company and Medco officials were not available for comments concerning the sale of 20% stake and Mitsubishi as the possible winner. However, Indonesian newspaper quoted Medco president as saying that while selling such a stake by Encore Ltd was possible, the deal is not concluded yet.