21st Mar 2014 17:50
LONDON (Alliance News) - Asia Resource Minerals PLC said Friday that it had been informed by its former partner, the Bakrie Group, that all of the funds required to complete its separation have been transferred into holding accounts at the bank providing the escrow account.
The company said it believes everything is now in place to complete the transaction, but it cannot be completed Friday due to the cut-off time for transferring funds and shares in Singapore.
As a result it has extended the purchase agreement to March 24, and now expects the transaction to close on that day or March 25.
The Indonesian thermal coal mining company, formerly Bumi PLC, has been undergoing a drawn out separation process with the Bakrie Group, and the process has already been pushed back three times.
In December, shareholders of Bumi, which was founded by Nat Rothschild, 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, while the influential Bakrie family will hold the Bakrie Group and BT Bumi Resources Tbk.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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