Asian Resource Minerals completed an agreement on Tuesday broke up their partnership worth $ 501 million with the Bakrie Group . This put an end to the long drama of corporate governance issues addressed to the Indonesian coal mining company .
In a deal that was initially approved last December , the Asian Resource Minerals - formerly known as Earth - PLC will sell 29.2 % stake in PT Bumi Resources, the Bakrie Group , one of the investment vehicles Indonesian tycoon . The deal since last January has experienced some delay in order to allow the Bakrie family to raise funds .
As part of the transaction , Commissioner Director Asia Resource Minerals , Samin Tan , has doubled its 23.8 % stake in the company by buying ownership of the Bakrie Group .
Asian Resource Minerals was formed in 2011 with the name of the Earth , after the Bakrie family 's coal assets merge them into a shell company set up by Nathaniel Rothschild .
The company became the object of divisions among the directors . Earth is also plagued by falling coal prices and an investigation into irregularities in the financial statements in Indonesian coal assets . Company's stock price plummeted by 80 % since the internal conflict reached a peak in 2011 .
Managing director of Asia Resource Minerals , Nick von Schirnding , said that the company will focus on restoring the remaining assets , namely 85 % stake in PT Berau Coal Energy , by taking cost-efficiency measures .
The minority shareholders welcomed the completion of the deal . However , two shareholders asked the company to consider a plan out of Indonesia . You do this by distributing shares listed on the Jakarta stock exchange to the shareholders or to sell all shares in order to obtain funds . The final choice being considered company .
Asian Resource Minerals said it plans to restore $ 400 million to shareholders as a special dividend in an undetermined time . Almost half of that figure will flow into the pockets of Samin Tan , who will leave his position as director .
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