Asia Resource Minerals plc
IndustryMining
FoundedJuly 2010
Defunct14 November 2017 (14 November 2017)
FateDissolved[1]
HeadquartersLondon, United Kingdom
Key people
Samin Tan (Chairman)
Amir Sambodo (CEO)
Halim Tan (CFO)
Revenue$1,425 million (2013)[2]
$(23) million (2013)[2]
$(252) million (2013)[2]
Websitewww.asiarmplc.com/

Asia Resource Minerals, was a mining company listed on the London Stock Exchange.

History

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.[3]

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.[4] In April 2011, Vallar plc was renamed Bumi plc.[5]

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.[6] Its much-delayed financial results for 2012 showed a $200m black hole.[7] 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.[8]

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.[9]

The company had an 84.7% holding in Berau Coal.[10]

References

  1. ↑ "ASIA RESOURCE MINERALS LIMITED". Companies House. Retrieved 4 March 2022.
  2. 1 2 3 Preliminary Results 2013
  3. ↑ "£707M Vallar float exceeds". express.co.uk.
  4. ↑ "Vallar Completes Acquiring 75% Berau, Recapital Says". bloomberg.com.
  5. ↑ "Vallar to Buy Bumi Minerals for $2.1 Billion to Add Deposits". bloomberg.com. Retrieved 30 July 2011.
  6. ↑ "Bumi investigates alleged financial irregularities". The Telegraph. 24 Sep 2012. Retrieved 7 October 2012.
  7. ↑ Josephine Moulds (31 May 2013). "Bumi reveals $200m black hole in financial results". The Guardian.
  8. ↑ "Rosan Roeslani emerges as surprise buyer of Inter Milan". The Telegraph (UK). 15 October 2013. Retrieved 6 June 2015.
  9. ↑ "Curtain comes down on Bumi after shareholders vote for split". The Telegraph. 17 December 2013. Retrieved 13 August 2014.
  10. ↑ "Berau Coal Energy". Reuters. Archived from the original on 14 August 2014. Retrieved 18 February 2013.
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