Berau Coal acquires company owned by Rosan Roeslani
Thursday, February 16 2017 - 03:04 AM WIB
IDX-listed coal mining firm PT Berau Coal Energy Tbk has acquired shares in PT Revessel Indonesia from PT Recapital Advisors and PT Tripillar Guna Perkasa.
Berau said in a filing with the Indonesia Stock Exchange on Tuesday that the transaction forms part of debt settlement agreement between the company and its parent Asia Resources Mineral Ltd (formerly Asia Resource Minerals plc) and former Berau Coal president director Rosan Roeslani.
The statement said that Recapital owned 48,796 shares of Revesssel, while Tripillar owned 50 shares of Revessel. No further details were provided.
Corporate Secretary of Berau Gamal H. Wanengpati declined to provide much comments. He was quoted by Kontan as saying that Revessel was a company owned by Rosan which has now been acquired by Berau.
Asia Resource Minerals Plc (ARMS), which is now controlled by the Indonesian well-diversified Sinar Mas Group, which holds about 85 percent stake in Berau Coal, won late in 2014 a legal battle against Rosan at a Singapore arbitration, which ruled the latter to pay financial obligation worth US$173 million to Berau. The company decided in December of 2013 to go through the arbitration process in Singapore to settle dispute over $173 million worth of funds it claimed to be owed by Rosan.
Editing by Reiner Simanjuntak