ARMS says Bakries request further extension, revised terms for split

LONDON, Feb 19 (Reuters) - Coal miner Asia Resource Minerals (ARMS) said on Wednesday the Bakrie family had asked for a fourth deadline extension to complete a split from the company as well as a change in terms because it had yet to raise the necessary cash.

ARMS said in a statement the Bakrie Group had raised $163 million, still short of the $228 million specified in the original terms of the separation transaction.

Indonesia-focused ARMS, previously known as Bumi Plc, has been hit by shareholder battles, allegations of wrongdoing and falling coal prices in the last few years.

To revive the London-listed company, shareholders voted to split with the influential Indonesian Bakrie family that co-founded the business in 2010.

However, finding the money needed has not been easy for the asset-rich but often cash-poor Bakrie family.

ARMS said the Bakrie Group had asked to reduce the number of PT Bumi Resources (Other OTC: PBMRF - news) shares they would get in the swap to 25.4 percent, down from 29.2 percent specified in the original terms.

ARMS said it still believed the revised terms would be in the interest of shareholders and intended to agree a further extension to Feb. 26, for when the conditions for the separation must be met.