Asia Resource Minerals

From Wikipedia, the free encyclopedia
  (Redirected from Bumi Plc)
Jump to: navigation, search
Asia Resource Minerals plc
Public limited company
Traded as LSEARMS
Industry Mining
Founded July 2010
Headquarters London, United Kingdom
Key people

Samin Tan (Chairman)

Nick von Schirnding (CEO)
Revenue $1,425 million (2013)[1]
$(23) million (2013)[1]
$(252) million (2013)[1]
Website www.asiarmplc.com/

Asia Resource Minerals PLC, is a major international mining group. It is listed on the London Stock Exchange.

History[edit]

In July 2010 Vallar plc, a Jersey-incorporated investment vehicle founded by Nathaniel Rothschild, raised £707.2 million ($1.07 billion) in an Initial public offering on the London Stock Exchange. Together with other members of the Vallar management team, they have invested £100 million in shares of the company. Vallar decided to focus on investments in mining of metals, coal, and iron ore in the Americas, Russia, Eastern Europe, and Australia.[2]

In November 2010, Vallar announced it was buying stakes for $3bn in two listed Indonesia thermal coal (used for power stations) producers for a combination of cash and new Vallar shares, with a view to combining them to create the largest exporter of thermal coal to China, India, and the other emerging economies of Asia. The transaction closed as planned on 8 April 2011.[3] In April 2011, Vallar plc was renamed Bumi plc.[4]

In September 2012 the company announced that it was looking into possible financial irregularities at its Indonesian arms resulting in a 14% fall in its share price.[5] Its much-delayed financial results for 2012 showed a $200m black hole.[6] It was reported that Rosan Roeslani, a former CEO of the subsidiary, had stolen $173 million from the firm. The firm decided that if Roeslani returned the money, no legal action would be taken.[7]

In December 2013 the company changed its name to Asia Resource Minerals; at the same time Samin Tan paid $223 million to purchase the Bakrie family's 23.8% stake in the company.[8]

Operations[edit]

The company has an 84.7% holding in Berau Coal.[9]

References[edit]

  1. ^ a b c Preliminary Results 2013
  2. ^ "£707M Vallar float exceeds". express.co.uk. 
  3. ^ "Vallar Completes Acquiring 75% Berau, Recapital Says". bloomberg.com. 
  4. ^ "Vallar to Buy Bumi Minerals for $2.1 Billion to Add Deposits". bloomberg.com. Retrieved 30 July 2011. 
  5. ^ "Bumi investigates alleged financial irregularities". The Telegraph. 24 Sep 2012. Retrieved 7 October 2012. 
  6. ^ Josephine Moulds (31 May 2013). "Bumi reveals $200m black hole in financial results". The Guardian. 
  7. ^ "Rosan Roeslani emerges as surprise buyer of Inter Milan". The Telegraph (UK). 15 October 2013. Retrieved 6 June 2015. 
  8. ^ "Curtain comes down on Bumi after shareholders vote for split". The Telegraph. 17 December 2013. Retrieved 13 August 2014. 
  9. ^ "Berau Coal Energy". Reuters. Retrieved 18 February 2013. 

External links[edit]