Indonesia’s largest listed oil and gas producer, PT Medco Energi International Tbk, has said its founding shareholder, the Panigoro family, was raising its stake in the company for about $300 million.

The Panigoro family is buying stakes in Medco from Thai energy firm PTT Exploration and Production PCL and Credit Suisse First Boston, said Medco spokesman, Gamala Katoppo.
PTT Exploration, 65 per cent-owned by top Thai energy firm PTT PCL, has a 40 per cent stake in a company called New Links Energy Resources Ltd that owns 85.5 per cent of Medco.
CSFB owns about 20 per cent
of New Links, while Panigoro family holds the remaining 40.1 per cent.
PTT Exploration and CSFB originally tried to sell their interest to Singapore state investment agency Temasek Holdings Pte Ltd, but the plan was preempted by the Panigoro family, Katoppo said.