JAKARTA Feb 21 Indonesia's Bakrie Group said it
expected to complete its split from London-listed coal miner
Asia Resource Minerals (ARMS) this month - a separation
that been held up due to delays in fund raising.
Indonesia-focused ARMS, previously known as Bumi Plc, has
struggled with shareholder battles, allegations of wrongdoing
and falling coal prices in the last few years. To revive the
company, shareholders voted to split with the influential Bakrie
family that co-founded the business in 2010.
Under a deal in December, the Bakries agreed to sell their
23.8 percent stake in ARMS for $223 million. They will then use
that income plus a $50 million deposit and an additional $228
million to buy ARMS's 29.2 percent stake in Jakarta-listed miner
PT Bumi Resources, Asia's top thermal coal exporter.
ARMS said this month the Bakrie family had asked for a
fourth extension to a deadline for completing a split from the
Bakrie Group spokesman Chris Fong said in a text message on
Friday while that some the funds had been diverted for unrelated
purposes, the group was now on track to complete the separation.
The Bakries founded Bumi Plc in 2010 together with investor
Nat Rothschild, with the aim of bringing promising Indonesian
coal assets to London investors, but their relationship soured.
ARMS shares have lost about three quarters of their value
since their listing.