Sinar Mas ready to control Berau

Investment company Asia Coal Energy Ventures Ltd (ACE), which is controlled by the Indonesian well-diversified Sinar Mas Group, is set to soon complete the acquisition of LSE-listed Asia Resource Minerals Plc (ARMS) as it has obtained 74.7 percent of the voting rights in the latter company during the current open offer set to close Wednesday, Kontan reported on Tuesday.

Once the ARMS acquisition is completed, Sinar Mas will also be in control of IDX-listed coal giant PT Berau Coal Energy Tbk, which is 84.74 percent owned by ARMS.

Sinar Mas Managing Director Gandhi Sulistyanto was quoted by the paper as saying that Berau is expected to hold an extra ordinary shareholders meeting in August among others to reshuffle the firms board of directors.

Kontan said that Fuganto Widjaja, current President Director of IDX-listed coal miner PT Golden Energy Mines Tbk, which is also controlled by Sinar Mas, will become the new President Director of Berau Coal, while Gandhi to assume president commissioner post.

?The process is smooth and has obtained commitment from more than 70 percent shareholders (of ARMS). We?ll officially enter Berau after the Idul Fitri, in August,? Gandhi said.(*)