ACE unveils plan to acquire ARMS

By Ruli Setiawan

Asia Coal Energy Ventures Limited (ACE) announced Tuesday a possible cash offer to acquire the entire issued and to be issued ordinary share capital of LSE-listed mining firm Asia Resource Minerals plc (ARMS) not already owned by funds managed by Argyle Street Management Ltd.

ARMS said it has received no communication from ACE in respect to such a possible offer. No further comments were given.

Argyle Street Management Ltd was among of the purchasers of 24.20 million shares in ARMS sold by PT Recapital Advisors and PT Bukit Mutiara in 2013 (ARMS was then still known as Bumi plc).

Editing by Reiner Simanjuntak