Alexander Ramlie no longer director at ARMS
Thursday, November 13 2014 - 05:45 AM WIB
London-listed Asia Resource Minerals plc (ARMS) announced Wednesday that, as a consequence of the termination of the Relationship Agreement announced on November 4, Alexander Ramlie has ceased to be a director of the company.
?The recent shareholder developments associated with the receipt of a Form TR-1 from Raiffeisen Bank AG, Singapore Branch as announced on 29 October 2014 has changed the potential options available to the company for refinancing, and the board will update the market in due course,? ARMS said in a statement.
ARMS announced last month that Indonesian tycoon Samin Tan (former chairman of the company) was no longer a controlling shareholder in the company after he reduced by half his stake in ARMS, by transferring 23.8 percent shares to the Singapore branch of Raiffeisen Bank International AG.
Samin via his Borneo Bumi Energi & Metal Pte Ltd still own another 23,8 percent stake in ARMS.
Alexander Ramlie is President Director of IDX-listed met coal producer PT Borneo Lumbung Energy & Metal Tbk, which is controlled by Samin.
Editing by Reiner Simanjuntak