Indonesian businessman Samin Tan is in talks to sell assets including all or part of his stake in Asia Resource Minerals (ARMS) to help repay Standard Chartered and Raiffeisen close to $1 billion.
Asia Resource Minerals (ARMS) , the Indonesia-focused miner formerly known as Bumi Plc, needs to refinance its debts soon in order to survive, its accountants said on Thursday, as the firm posted a wider first-half underlying loss.
Shareholders will be casting their votes on December 4 on the two-step deal that would see Bakrie family of Indonesia exiting from coal producer Bumi Plc.
The following bids, mergers, acquisitions and disposals were reported on Wednesday including Telefonica Deutschland, Devon Energy, Metro AG, Devon Energy Corp and others
Bumi Chairman Samin Tan confirmed to Bloomberg by email that a lender had given him approval to finance his acquisition of the stake held by the Bakrie Group in the Indonesia-based coal producer.
Samin Tan agreed to buy Bumi Plc shares for US$223 million
Thaksin Shinawatra, the former Thai PM, would purchase the Bakrie family interest in Bumi Plc.