The offer, which values ARMS at 98.8 million pounds ($150.5 million), is a 7.2 percent premium to the stock's closing price on Wednesday.
Argyle, Sinarmas arm offer to buy out coal miner ARMS
May 7 (Reuters) - Asia Coal Energy Ventures Ltd (ACE) and hedge fund Argyle Street Management Ltd offered to buy out the stake they do not already own in coal miner Asia Resource Minerals Plc for 41 pence per share.
ACE and Argyle said on Thursday they would also invest $150 million in ARMS and implement a bond restructuring.
Argyle Street Management holds a 4.65 percent stake in ARMS, the companies said in a joint statement.
ACE is managed by Argyle Street Management and funded by Indonesia's Sinarmas Group. ($1 = 0.6566 pounds) (Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Gopakumar Warrier)
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Benin traditional council suspends 5 chiefs who linked Benin origin to Ile-Ife
Nigeria would have gone bankrupt if I didn't remove fuel subsidy - Tinubu
NNPCL declines FOI request on staff who alleged acquisition of luxury properties
Navy recruits 1,486 personnel to tackle oil theft, piracy – Minister
Scarcity worsens in Sokoto as black marketers sell fuel at ₦2,000/litre
Lawmaker-elect begs Gov Otti to prevail on Abia Speaker to inaugurate him
203 Ekiti public schools benefit from $25m World Bank grant
Vehicles burnt, 1 dead as tanker carrying gas explodes after brake failure in Ogun
Shettima urges political leaders to project Nigeria’s cultural diversity
ADVERTISEMENT
![Fiona Beal killed her partner and lied to everyone about what happened to him [Northamptonshire Police]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Fiona Beal killed her partner and lied to everyone about what happened to him [Northamptonshire Police]")