Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Indonesians to list in London

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.