(Corrects JUNE 27 story to remove words "and financier Nat
Rothschild, the company's second-largest shareholder" from
paragraph 6, as Rothschild did not nominate Kamandanu)
June 27 Indonesian coal miner Asia Resource
Minerals Plc (ARMS), which is battling to turn around
its business, named Bob Kamandanu as chairman after investors
did not re-elect Chris Walton at Friday's annual shareholder
ARMS's stock tumbled as much as 14 percent, making it the
top percentage loser on the London Stock Exchange.
The miner, previously known as Bumi, also said its largest
shareholder and former chairman, Samin Tan, had stepped down as
a non-executive director.
Tan owned about 24 percent of ARMS as of Dec. 31, according
to Thomson Reuters data.
ARMS is going through an overhaul as it tries to improve its
performance that has been hit by weaker coal prices and
shareholder infighting. Its shares have lost more than 81
percent of their value since the company listed in 2010.
Kamandanu was added to ARMS's board earlier this month as an
independent non-executive director, put forward by Tan.
Kamandanu, who is also the chairman of the Indonesian Coal
Mining Association and CEO and president of Indonesdian coal
company PT Delma Mining Corp, has previously held roles at
British American Tobacco, Cigna Corp, Chandra
Asri and Pirelli.
The company replaced its chief executive, Nick von
Schirnding, just over two weeks ago with Amir Sambodo, an
independent non-executive director.
ARMS said at the time that the board had made the decision
to change the chief executive as it felt the role should move
from London, where von Schirnding is based, to Indonesia, near
the Berau coal mine, ARMS's sole coal asset.
Shares in ARMS were down 12 percent at 1717 GMT on Friday.
(Reporting by Richa Naidu in Bangalore; Editing by Kirti Pandey
and Saumyadeb Chakrabarty)