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ARMs puts $450m bond sale on hold due to market challenges
ASIA Resource Minerals (ARMS), the scandal-struck miner formerly known as Bumi, yesterday said its main subsidiary Berau had postponed a $450m (£268m) bond refinancing due to challenging market conditions.
The Indonesia-focused coal producer, which recently underwent a separation after a feud between its co-founders, said last month that its refinancing plans were on track and were a “key goal” in view of the continued weakness in the coal market.
“ARMS and its subsidiary PT Berau Coal Energy Tbk, intend to proceed with their refinancing plans when market conditions permit,” it said.
Shares in the London-listed firm fell over four per cent yesterday before recovering to close 0.4 per cent higher at 65.75p.