Asia Resource Minerals extend deadline for split from Bakries
Tuesday, January 21 2014 - 03:22 AM WIB
London-listed Asia Resource Minerals (ARM), an Indonesia-focused coal miner previously known as Bumi Plc, has agreed to give another one month to the Indonesian Bakrie family for a split from the company.
?The deadline for completion (of the split) will be extended by four weeks to 21 February 2014,? ARM said in a statement obtained late Monday. ARM has already extended the deadline twice this month. The original deadline to complete deadline was January 24.
The Bakries co-founded Bumi in 2010 together with Nat Rothschild. But following the collapse in coal prices and boardroom quarrels between the two co-founders, shareholders agreed last year to a proposal for a split of the company from the Bakries.
Under a complex separation transaction, the Bakrie family will sell its ARM stake of 23.8 percent for $223 million to outgoing ARM Chairman Samin Tan. The proceeds will then be used by the Bakries to help buy back a 29.2 percent stake in IDX-listed coal giant PT Bumi Resources Tbk currently held by ARM.
The Bakries now have until February 21 to complete the deal or risk losing a US$50 million deposit.
Editing by Reiner Simanjuntak