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Sinar Mas to merge ARMS acquisition vehicle with Singapore-listed unit

Reuters - UK Focus

JAKARTA, May 19 (Reuters) - Indonesian conglomerate Sinar Mas Group plans to merge the vehicle it is using to acquire Asia Resource Minerals PLC with its Singapore-listed unit, Golden Energy and Resources Ltd, an executive said on Tuesday.

Asia Coal Energy Ventures Ltd (ACE), which is managed by Argyle Street Management and funded by Sinar Mas, offered earlier this month 41 pence per share to buy ARMS, which owns nearly 85 percent of Indonesia's PT Berau Coal Energy Tbk .

"After the acquisition of ARMS is completed, ACE will be merged with...Golden Energy and Resources," Fuganto Widjaja, a Sinar Mas official and grandson of the group's founder, told reporters. (Reporting By Cindy Silviana; Writing by Eveline Danubrata; Editing by Louise Heavens)