Rothschild teams up with SUEK Plc to challenge Sinarmas move over ARMS shares

JAKARTA ( – Asia Resources Minerals Plc (ARMS) said that it has received notification from NR Holdings Limited, controlled by banker Nathaniel Rothschild, of their interest to acquire the entire issued and to be issued shares of the company.

“The Board of ARMS now notes the announcement of a possible cash offer to be made by a special purpose vehicle jointly owned and controlled by NRH and SUEK to acquire the entire issued and to be issued ordinary share capital of ARMS not already owned by the NR Concert Party,” Asia Resources said in a statement.

SUEK is a largest coal producer in Russia, owned by one of richest persons in Russia, Andrey Melnichenko.  The NR Holdings move came after Asia Coal Energy Ventures Limted (ACE), a company owned by Sinarmas Group, made an offer to by the ARMS shares. Both NR and SUEK have yet to disclose the details of the offer.

Asia Resources Minerals, previously called Bumi Plc (Vallar Plc) is an FTSE listed resources company, which controls 84.7 percent interest in PT Berau, a fifth-largest thermal coal producer in Indonesia.

Earlier Rothschild has said it plans to absorb the entire shares to be issued by ARMS worth US$100 million. However, weeks later ACE announced of its plan to buy the shares.

Asia Mineral Resources is scheduled to hold shareholders meeting later this months that will determine whose proposal will be accepted by the shareholders. (*)

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