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Asia Resource Minerals appoints new CEO ahead of key refinancing

Reuters - UK Focus

LONDON, March 25 (Reuters) - Indonesia-focused coal mining company Asia Resource Minerals (LSE: ARMS.L - news) (ARMS) is replacing its chief executive as the company goes ahead with a refinancing and recapitalisation plan, it said on Wednesday.

The miner, which has been struggling with executive battles and tumbling coal prices, said that Amir Sambodo has agreed to step down as chief executive with immediate effect and will be replaced by Hamish Tyrwhitt.

ARMS reached an agreement this month with some bondholders, including a trust of shareholder Nathaniel Rothschild, to restructure notes due in 2015 and 2017.

On Wednesday the company also said that Britain's Financial Conduct Authority has proposed imposing on it a "substantial" financial penalty after an investigation highlighted a breach of listing rules.

(Reporting by Silvia Antonioli; Editing by David Goodman)