REPUBLIKA.CO.ID, JAKARTA -- UK listed miner Bumi Plc expects to split with Indonesian conglomerate, Bakrie Group at the end of January next year. The company will rebrand into new name, Asia Resource Minerals.
General Meeting of Shareholders of Bumi Plc approved the proposal transaction of PT Bumi Resources Tbk (BUMI). Bumi Plc approved the sale of 29.2 percent shares in Bakrie Group. They will receive fresh fund of 400 million USD through this transaction.
"We will appoint new directors and new plan for profitable growth through cutting cost and optimize the production," CEO of Bumi Plc, Mark von Schirnding said in written statement on Sunday.
With the new name, Asia Resource Mineral hopes to restart its activites to achieve expected target after two years. The company will concentrate on thermal coal operation by 23 million tonnes with its subsidiary, PT Berau Coal Energy (BRAU). Asia Resource Mineral is expected to be the leading coal company listed at UK Stock market.
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