ACE nominates new directors for ARMS

By Ruli Setiawan

LSE-listed Asia Resources Minerals plc said Wednesday that all of the conditions to the cash offer to acquire the entire issued and to be issued ordinary share capital of the company not already owned by Asia Coal Energy Ventures Ltd (ACE) and funds managed by Argyle Street Management Limited have been satisfied and the offer has been declared wholly unconditional.

ARMS said in a statement that upon settlement, ACE will control over 50 percent of the outstanding ordinary shares of the company and accordingly, each of the ARMS Directors, Wal King (Chairman), Sir Richard Gozney (Senior Independent Director) and Hamish Tyrwhitt (Executive Director and Chief Executive Officer), have tendered their resignations with immediate effect and the following ACE nominees have been appointed as directors of the company.

These are as follows:
? Kin Chan is the Non-Executive Chairman of the Board
? Dwi Prasetyo Suseno is an Executive Director and Chief Executive Officer
? Fuganto Widjaja is a Non-Executive Director

Biographies for the incoming ARMS board of directors supplied to ARMS by ACE are as follows.

Kin Chan
Mr. Chan is the founding shareholder of Argyle Street Management Limited, and has been the Chief Investment Officer since 2002. He serves on the management boards of other ASM funds. He is also the Chairman of TIH Limited and a Director of OUE Limited, both listed on the Singapore Exchange ("SGX").

Mr. Chan was Chief Executive and Managing Director of Lazard Asia Limited from 2000 to 2001 and managed the firm's advisory business in Asia outside of Japan. Prior to joining Lazard, Mr. Chan was an Executive Director at Goldman, Sachs & Co. where he worked in Hong Kong, New York and Singapore from 1992 to 1999.

Mr. Chan has completed transactions in China, Hong Kong, India, Indonesia, Korea, Singapore and Thailand. The aggregate transaction size of all the deals that Mr. Chan has worked on exceeds US$15 billion.

Mr. Chan earned an A.B. degree from Princeton University and an MBA from the Wharton School of the University of Pennsylvania where he was a Palmer Scholar. Mr. Chan has a number of academic distinctions including a Rotary Scholarship, United World College Scholarship, 'Princeton University Class of 1941' Scholarship and Ford Motor Company Fellowship.

Fuganto Widjaja
Mr. Fuganto Widjaja, aged 34 years old, is currently the President Director of PT Golden Energy Mines Tbk and Director of PT Sinar Mas Multiartha Tbk He was previously an investment analyst at UBS Bank Singapore.

Mr. Widjaja graduated from the College of Arts and Sciences, Cornell University in 2003 where he majored in Computer Science and Economics, and from the Judge Business School (formerly known as the Judge Institute of Management Studies), Cambridge University in 2004.

Dwi Prasetyo Suseno
Dwi is currently the Managing Director of Sinarmas Mining and Energy, and has over 19 years international experience in Mining, Commodities and Oil & Gas related industries with exposure spanning different countries within Asia and Australasia, primarily Indonesia, Australia and Singapore, as well as some exposure to New Zealand, Timor Leste and PNG business operations.

He has been intricately involved in various facets of business including but not limited to operations, general management, finance, business development as well as corporate legal and international taxation matters. His previous experience also includes working in NYSE listed Fortune 500 company MNC, a top SGX listed resources company, growing private & emerging businesses and Big 4 accounting firms. His exposure to various listing regulations and compliance includes IDX, SGX and NYSE.

During his previous tenure with Straits Asia Resources Ltd, an SGX-listed integrated coal mining group, he was member of the team that assisted in the major acquisition of the Jembayan coal mine in Indonesia, including as a member of the Executive Committee team responsible for executing strategic plans that lead to the ramp up of mine production to around 9 million MT pa. Subsequently, Dwi was part of the team that spearheaded the MBO (Management Buy Out) which spun off the marine and coal logistic company from Straits Asia Resources which was then separately listed in the Indonesia Stock Exchange. Post MBO, he held the position of Group CFO and Executive Director of the new Straits Group, including Executive Director of the new coal mining business unit, in which he was responsible for all facets of the business.

His exposure to mining, oil & gas and commodities related businesses originated in Australia when he worked at Arthur Andersen and Ernst & Young, advising various large mining and oil and gas clients. Finally, he also spent some of his career at Baker Hughes, a Fortune 500 NYSE listed oilfield service company, where he was the Director of Baker Hughes Indonesia, a member of the Asia Pacific ethics committee, as well as overseeing Asia Pacific international taxation matters.

Dwi earned his Executive MBA degree from Northwestern University (Kellogg School of Management) and HKUST, and Bachelor of Commerce degree from University of Western Australia. Dwi is also a qualified Fellow member of CPA Australia and member of CPA Singapore.

Editing by Reiner Simanjuntak