19th Mar 2014 16:18
LONDON (Alliance News) - Asia Resource Minerals PLC Wednesday said it has been informed by its former partner, the Bakrie Group, that the majority of the funds required from it to complete its separation has been transferred into holding accounts at the bank providing the escrow account.
Asia Resource also said that Bakrie has told it that the remaining balance will be available to allow for completion of the separation on March 21.
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 Anthony Tshibangu; [email protected];
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