ARMS announces reshuffles at Berau Coal

By Romel S. Gurky

LSE-listed Asia Resource Minerals plc (ARMS), which owns 84.7 percent shares in IDX-listed coal miner PT Berau Coal Energy Tbk, issued Tuesday a press release announcing changes to the board of commissioners and directors of the latter firm. The board changes were part of the results of a shareholders meeting on Monday.

Following is the changes to the Board of Commissioners.
Alexander Ramlie is stepping down as Vice President Commissioner
Eva Novita Tarigan is stepping down as a member of the Board of Commissioners
Deswandhy Agusman is appointed Vice President Commissioner
Irwandy Arif is appointed as a member of the Board of Commissioners

Meanwhile, Board of Director changes are as follows:
Paul Fenby is appointed as a Director
Keith Downham is appointed as a Director
David Tonkin has stepped down as a Director

Accordingly, the composition of the Board of Directors and the Board of Commissioners of the company as at the close of the shareholders meeting is as follows:

Board of Directors:
President Director: Amir Sambodo
Director: Paul Jeremy Martin Fenby
Director: Keith John Downham
Independent Director: Arief Wiedhartono

Board of Commissioners:
President Commissioner: Bob Kamandanu
Vice President Commissioner and Independent Commissioner: Deswandhy Agusman
Commissioner: Irwandy Arif
Independent Commissioner: Hotma Marbun

The following changes will also take place to the Board of Commissioners of PT Berau Coal (the subsidiary of PT Berau Coal Energy):
Alexander Ramlie is stepping down as Vice President Commissioner
Kenneth Raymond Allan is stepping down as a member of the Board of Commissioners

Deswandhy Agusman is appointed Vice President Commissioner
Irwandy Arif is appointed as a member of the Board of Commissioners

Elsewhere, ARMS announced that it has received a letter from Borneo Bumi Energi and Metal Pte Ltd (Borneo) to requisition a General Meeting of the company to remove certain of the current directors and appoint new directors, such that Borneo-nominated directors would constitute a majority of the Board. Borneo is a vehicle controlled by Samin Tan and currently controls the voting rights in respect of 23.8 percent of the company's shares.

A holder of 5 percent or more of the voting shares of the Company has the right to requisition such a meeting. The company will convene a meeting to propose the director appointment and removal resolutions to take place in early 2015. 980.

Editing by Reiner Simanjuntak