PT Medco Energi raised $260 million last Friday July 29 through an equity deal that may mark an important turning point for corporate Indonesia. In the eight years since the financial crisis, primary equity issuance from the country has been almost exclusively dominated by government sell-downs in the banking and telecom sector.
Now for the first time, one of Indonesia's troubled business families has been able to rehabilitate its reputation and financial standing through a major public equity transaction. For the Panigoro family that owns PT Medco, completion of the equity deal means that its fortunes have almost come full circle.
The family lost control of Medco...
