AMI controls 82.2% of PT Newmont Nusa Tenggara (NNT). It recently acquired NNT from Newmont Mining Corp and Sumitomo Corp. This deal is regarded as one of the largest deals in South East Asia this year.

MedcoEnergi president director Hilmi Panigoro said: "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."

The proposal still needs to obtain permission from the regulatory body in Indonesia and also approval from the shareholders of MedcoEnergi.

Once, Medco Energi receives approval, both Medco Energi and AP Investment will collaborate in acquiring controlling stakes in AMI along with support from

MedcoEnergi founder Arifin Panigoro said: "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."