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Asia Resource Minerals shareholders reject bid to change board
[JAKARTA] Coal mining company Asia Resource Minerals Plc said resolutions proposed by its top shareholder, Indonesian businessman Samin Tan, to replace board directors were rejected at a board meeting held on Wednesday.
Mr Tan is trying to regain control of the struggling company by seeking to appoint directors to the board that support him and had through his investment vehicle, Borneo, in December proposed a vote to replace most directors.
Asia Resource, formerly known as Bumi Plc, also said it had named Wallace King as chairman with immediate effect, following Bob Kamandanu's departure last month.