Bumi shareholders to vote on separation and name change

Suzie Neuwirth
SHAREHOLDERS of troubled coal miner Bumi are set to vote on the company’s separation tomorrow and also on a new name, marking the end of a longstanding feud between its co-founders.

Investors are widely expected to vote in favour of the deal and the rebranding to Asia Resource Minerals. Founder Nat Rothschild, who owns a 21 per cent stake in the company, said last week that he would support the terms of the separation.

The FTSE 250-listed Indonesia-focused miner has been dogged by allegations of corruption, creating a bitter dispute between Rothschild and the Bakrie family, and an investigation into financial irregularities.

The probe found a black hole of millions of dollars of missing money, which Bumi is still attempting to retrieve.

Earlier this month Bumi said it would go into arbitration in Singapore to recover $173m (£105.6m) from former director Rosan Roeslani.