Further to the approval of shareholders at its adjourned General Meetin held on 17 December 2013, Bumi plc is pleased to confirm its change of name to Asia Resource Minerals plc (LSE : ARMS) with effect from 17 December 2013.
Bumi plc Chief Executif Officer Nick Von Schirnding said "Bringing all parties together and creating a transaction that shareholders can unite behind hes been long and difficult process". "Today's vote allows us to focus on creating additional value for our shareholders through concentrating our efforts on Berau".
The purchase will raise Samin's stake in the London-listed firm to 47.6 percent. The Bakrie will then use the money to partly repurchase Bumi plc's entire 29.2 percent stake in Bumi Resources, worth $ 501 million.
Following the approval, Bumi Plc, which during the extraordinary meeting also received approval to change its name to Asia Resource Minerals plc, is targeting to complete the transaction of the Bakrie Group's exit in late January next year.
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