Indonesians to list in London

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The Independent Online

Medco Energi, Indonesia's largest listed oil and gas exploration company, plans to raise up to $400m (£214m) by offering shares on the London Stock Exchange.

The company hopes to attract a value of around $1.5bn and the new funds will be used mostly to repay debt. The Panigoro family, who own 86 per cent of Medco, will retain a controlling interest after the London secondary listing. As well as investing to boost oil output, Medco also plans to diversify into palm oil plantations and cement production.