15th Jan 2014 13:59
LONDON (Alliance News) - Asia Resource Minerals PLC said Wednesday that it was considering an extension to complete its separation from Bakrie Group because Bakrie is unable to complete the transaction within the current scheduled timetable.
Asia Resource Minerals said it was in discussions with Bakrie to understand the cause of the delay, and would consider an extension based on those discussions.
The company, which was founded by Nat Rothschild, was previously called Bumi PLC. However, In December shareholders approved the separation of the company after a long power struggle, and it changed its name to Asia Resource Minerals.
Under the deal, Asia Resource Minerals retained control over Berau, an Indonesian thermal coal producer which is expected to produce 23 million tonnes of coal in 2013, while the influential Bakrie family will hold the Bakrie Group and BT Bumi Resources Tbk.
Additionally, Asia Resource Minerals continues to be in conflict with former Director Rosan Roeslani over cash and assets he may owe the company. Roeslani, who is connected to the Bakrie group, raised a number of issues earlier in the month related to a previously signed agreement over the repayment of USD173 million worth of funds to Bumi, stating that any outstanding liability to transfer cash or assets has been extinguished.
Shares in Asia Resources Minerals were trading down 1.1% at 235.00 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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