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Shares of Indonesia's Sinarmas coal miner unit fall after potential ARMS bid

Reuters - UK Focus

JAKARTA, April 20 (Reuters) - Shares (Berlin: DI6.BE - news) of PT Golden Energy Mines Tbk, the coal mining unit of Indonesia's Sinarmas Group, fell as much as 10.8 percent on Monday after the conglomerate announced a potential bid for London-listed Asia Resource Minerals Plc (ARMS).

Golden Energy's shares recouped some of the losses to trade down 3.49 percent at 0719 GMT, underperforming a 0.36 percent decline in the broader Jakarta stock exchange.

A potential bid by Sinarmas and hedge fund Argyle Street Management for ARMS risks scuppering a long-awaited restructuring backed by ARMS co-founder Nathaniel Rothschild.

The planned acquisition of ARMS is "an opportunity which is in line with our plan to develop power plants," Sinarmas Group Vice-Chairman Franky Oesman Widjaja told Reuters on the sidelines of the World Economic Forum in Jakarta on Monday.

Widjaja said the bid was being processed, without giving details. (Reporting by Eveline Danubrata; Editing by Anand Basu)