Asia Resource Minerals extends separation deadline for last time
ASIA Resource Minerals, the beleaguered miner formerly known as Bumi, said yesterday that it is extending the deadline for the separation of the company for the final time.
The FTSE 250 coal producer has been at the centre of a tug-of-war between its co-founders – Indonesia’s Bakrie family and billionaire financier Nat Rothschild – after a probe into financial irregularities found a $201m (£121m) black hole in its balance sheet. The company’s separation, which was meant to take place yesterday, has been delayed several times, at the request of the Bakries.
“Today, the Bakrie Group informed the company that it is now able to raise the full $228m and therefore is now able to complete the transaction on its original terms and that it will be able to do so by 21 March,” said the company statement. “The company has decided that it will not be extending the transaction again and therefore if funding is not received into escrow by 19 March at the latest then the separation transaction will terminate.”