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Sinarmas Group purchasing power

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World Coal,

According to the group’s managing director, Indonesia's Sinarmas Group hopes the potential purchase of London-listed coal miner Asia Resource Minerals Plc (ARMS) will help to support its own power business.

Asia Coal Ventures, a vehicle being funded by Sinarmas, has said recently that it was considering making a possible cash offer for ARMS, the parent of Indonesian-listed PT Berau Coal Energy Tbk.

The potential offer of 41 pence per share represents a premium of 173% to ARMS' last traded price. Berau shares jumped as much as 5% on Wednesday, outperforming the Jakarta benchmark index, which was down 0.3%.

"Our aim to acquire ARMS is to synergise it with our business, be it power plant or its supply," Sinarmas Group Managing Director Gandi Sulistyo said.

Edited from source by Joseph Green

Source: Reuters

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