26th Feb 2014 17:54
LONDON (Alliance News) - Asia Resource Minerals PLC said Wednesday that its former partner, the Bakrie Group, is now able to raise the full USD228 million required to complete the separation on its original terms by March 21.
The Indonesian thermal coal mining company, formerly Bumi PLC, is undergoing a drawn out separation process with the Bakrie Group, and the process has already been pushed back three times after talks with Bakrie over delays were not concluded.
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.
Asia Resource Minerals said it has now agreed amendments to the PT Bumi share purchase agreement.
Shares in the company closed down 6.1% at 220.75 pence per share Wednesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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