Samin Tan no longer a controlling shareholder of ARMS

By Ruli Setiawan

London-listed Asia Resource Minerals plc (ARMS) confirmed Tuesday the reduction in Samin Tan's indirect control of voting rights in the company.

?Indirect control of voting rights in respect of 57,361,411 ordinary shares in the company held by Ravenwood Acquisition Company Limited (RACL), representing 23.8 percent. of all the ordinary shares in the Company, has been transferred to Raiffeisen Bank International AG, Singapore Branch from Samin Tan,? ARMS said in a statement. Samin Tan is the former chairman of ARMS.

The company therefore now believes that it no longer has a "controlling shareholder" for the purposes of the Listing Rules of the Financial Conduct Authority listing rules. ?However, the company notes that Samin Tan remains able indirectly to control the exercise of voting rights in respect of a further 57,235,656 ordinary shares in the company held by Borneo Bumi Energi & Metal Pte. Ltd (Borneo Bumi), representing 23.8 percent. of all of the ordinary shares in the company,? the statement said.

The company further explained that in connection with this transfer of Samin Tan's indirect control of voting rights, RACL, an entity previously controlled by the Indonesian coal tycoon, has ceased to be Samin Tan's "associate" (for the purposes of the listing rules), and therefore the relationship agreement dated 4 November 2013 between Samin Tan, Borneo Bumi, RACL and the company and entered into in connection with the separation transaction has automatically terminated in accordance with its terms.

Editing by Reiner Simanjuntak