ACE to own 100% of ARMS soon

By Thomas Sembiring

British Virgin Island-registered investment company Asia Coal Energy Ventures Ltd (ACE), which is controlled by Indonesian well-diversified Sinar Mas Group, will increase its stake in UK?s mining firm Asia Resource Minerals plc (ARMS) to 100 percent next month.

At the moment, ACE owns about 98 percent shares of ARMS. After Sept 9, there will be minority shares squeezed out and ACE will own 100 percent shares,? new CEO of ARMS Dwi Prasetyo Suseno Wednesday.

ACE last month acquired more than 94 percent shares in ARMS, which owns 84.74 percent stake in IDX-listed coal miner PT Berau Coal Energy Tbk. Fuganto Widjaja was installed as the new President Director of Berau following the change in the indirect owner of the company.

Elsewhere, Dwi said that ARMS had on August 13 been delisted from the London Stock Exchange.

Editing by Reiner Simanjuntak