1948 - 2024

Raisis Arifin Panigoro

Advisor of MedcoEnergi

It is with heavy heart that we announce the passing of Ibu Raisis Arifin Panigoro, MedcoEnergi's Advisor (2022 - 2024). Her service and contribution made her a role model for all of us.

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Login | Tuesday, 28 May 2024 |

MedcoEnergi Leads “Indonesia, Inc.” to Bring Back Indonesia’s Strategic Assets from Newmont

Media Release


MedcoEnergi Leads “Indonesia, Inc.” to Bring Back Indonesia’s Strategic Assets from Newmont

Jakarta, June 30, 2016 – PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce that it has agreed to acquire a controlling stake in PT Amman Mineral Internasional (“AMI”) which controls 82.2 percent of PT Newmont Nusa Tenggara (NNT)for USD 2.6 billion.  AMI has just recently purchased NNT from Newmont Mining Corporation and Sumitomo Corporation, recording one of the largest structured finance deals in South East Asia this year.

Hilmi Panigoro, President Director of MedcoEnergi, remarked that, “This transaction is immediately accretive for MedcoEnergi given NNT’s world scale operation.  We are committed to maintaining high standards in safety, environmental stewardship and social responsibility, and high quality workforce that are the foundation of MedcoEnergi’s operational success to date. This will strengthen MedcoEnergi position as Indonesia’s premier independent energy and natural resources company, and reaffirms our commitment to contribute to national development.”

MedcoEnergi Group Chairman Muhammad Lutfi says “This transaction is strategic not only for MedcoEnergi Group but also for setting two new important precedents for Indonesian and international investors. First this deal proves that with the collaboration of Indonesian companies, state-owned banks, government and the public at large would bring solution to every challenge the country faces. Secondly, Newmont and Sumitomo deserve a lot of praise for setting a new precedent for international investors in the natural resource sector that being cooperative and supportive towards realizing the aspiration of the people can only mean good for everybody.”

MedcoEnergi Group and AP Investment join forces to acquire controlling stakes in AMI with the support of Indonesia’s three largest state-owned banks namely Bank Mandiri, BNI and BRI with transaction structure that is sophisticated and rare by Indonesian banking practice.

“I am honored to witness and learn firsthand from the country’s best bankers. The sophisticated structure that the three state-owned banks applied in this transaction is expected to bring more similar and equally important transaction in the future,” said Hilmi Panigoro.

AP Investment is led by Agus Projosasmito, Indonesia’s seasoned investment banker and former President Director of Danareksa Securities. Agus made his reputation by spearheading and co-founding the country’s most memorable deals. This includes the formation of Star Energy with the acquisition of Conoco Phillips off-shore operation in Natuna in 2002 and the acquisition of Wayang Windu – a geothermal leading company – from Credit Suisse and Deutsche Bank in 2004.

MedcoEnergi founder Arifin Panigoro could not be happier. “I feel blessed because for the many times Medco Energi Group reaffirms its main characteristic as a pioneer that would open new frontier for the industry and the country. We cannot thank the government more for the shared vision and the great support.

Completion of the transaction is contingent upon obtaining both Government and MedcoEnergi shareholders approvals.