Asia Resource Minerals plc was a mining company listed on the

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

. It was previously also known as Bumi Plc and Vallar Plc, a

SPAC SPAC primarily refers to a special-purpose acquisition company, a method of taking a company public by merging it with an already public investment company. SPAC may also refer to: * Henry Crown Sports and Aquatics Center, a sports facility at No ...

History

Vallar Plc

In July 2010 Vallar Plc, a

Jersey Jersey ( ; ), officially the Bailiwick of Jersey, is an autonomous and self-governing island territory of the British Islands. Although as a British Crown Dependency it is not a sovereign state, it has its own distinguishing civil and gov ...

-incorporated investment vehicle founded by Nathaniel Rothschild, raised £707.2 million ($1.07 billion) in an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

on the

. Together with other members of the Vallar management team, Rothschild invested £100 million in

shares In financial markets, a share (sometimes referred to as stock or equity) is a unit of equity ownership in the capital stock of a corporation. It can refer to units of mutual funds, limited partnerships, and real estate investment trusts. Sha ...

of the company. Vallar decided to focus on investments in the

mining Mining is the Resource extraction, extraction of valuable geological materials and minerals from the surface of the Earth. Mining is required to obtain most materials that cannot be grown through agriculture, agricultural processes, or feasib ...

metal A metal () is a material that, when polished or fractured, shows a lustrous appearance, and conducts electrical resistivity and conductivity, electricity and thermal conductivity, heat relatively well. These properties are all associated wit ...

coal Coal is a combustible black or brownish-black sedimentary rock, formed as rock strata called coal seams. Coal is mostly carbon with variable amounts of other Chemical element, elements, chiefly hydrogen, sulfur, oxygen, and nitrogen. Coal i ...

, and

iron ore Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the f ...

in the

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, and

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. In November 2010, Vallar announced it was buying stakes in two listed Indonesian thermal coal (used for power stations) mining companies for a combination of $3bn in 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; this was 25% of

Bumi Resources PT Bumi Resources Tbk is one of the largest mining, mining companies in Indonesia and is structured as a holding company. In the 2012 Forbes Global 2000, Bumi Resources was ranked as the 1898th-largest public company in the world. It is the bigge ...

(owned by the Bakrie family) and 75% of Berau Coal Energy. The transaction closed in April 2011.

Bumi Plc

In June 2011, Vallar agreed to execute a share swap arrangement with Bakrie & Brothers, the holding company of Bumi Resources. After this, Vallar's stakes in Bumi Resources and Berau increased to 29% and 85% respectively, while Bakrie & Brothers ended up with a 47% stake in Vallar. Vallar was also renamed to Bumi Plc. In November 2011, the Bakrie group sold half of their stake in Bumi Plc to Samin Tan, the founder of Indonesian coking coal company Borneo Lumbung Energi & Metal, for $1 billion. In September 2012, the company announced that it was looking into possible financial irregularities in its Indonesian operations resulting in a 14% fall in its share price. Its much-delayed financial results for 2012 showed a $200m black hole. In January 2013, it was variously reported that $173 million had allegedly gone "missing" or that "mysteriously vanished" or that a withdrawal was "unauthorised" from Berau Coal Energy (a subsidiary of Bumi Plc) under Rosan Roeslani's leadership. Roeslani disputed the claims. The firm decided that if Roeslani repaid the money, no legal action would be taken. The Singapore arbitration court ruled in the company's favour against Roeslani on 30 December 2014.

Asia Resources Minerals

In March 2014, a complex restructuring deal saw the Bakries exit by selling their 23.8% stake (half of the original after the 2011 sell down) in Bumi Plc also to Samin Tan for $223 million while buying back their stake in Bumi Resources for $501 million. The company changed its name to Asia Resource Minerals. Asia Resource Mineral's remaining asset at this point was its 84.7% holding in Berau Coal. In June 2015, Rothschild (now controlling 17.2% of Asia Resource Minerals) accepted a takeover offer from Asia Coal Energy Ventures (a consortium led by Indonesia's Widjaya family, owners of the Sinar Mas conglomerate) for £23.2m, valuing the company at £134m. Fuganto Wijaja led this deal on behalf of Sinar Mas.

References

{{reflist

External links

Official site
British companies established in 2010 Sinar Mas Group Coal companies Coal companies of Indonesia Mining companies of Indonesia