Roeslani resigns as President Director of Bumi subsidiary PT Berau Coal Energy Tbk

FTSE 250-listed mining group Bumi has unveiled details of board changes at its subsidiary PT Berau Coal Energy TbK (BCE), incuding the resignation of Rosan Roeslani as President Director.

FTSE 250-listed mining group Bumi has unveiled details of board changes at its subsidiary PT Berau Coal Energy TbK (BCE), incuding the resignation of Rosan Roeslani as President Director.

Bumi reported that a general meeting of BCE took place on Thursday in Indonesia at which a number of changes to its boards of commissioners and directors were made with the full support of Bumi.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

Resignations were received by BCE from six individuals. In addition to the resignation of Rosan Roeslani as President Director, these comprised John Ramos as Director, Samin Tan as Commissioner, Alexander Ramlie as Commissioner, Mochamad Djatmiko as Commissioner and Stefan White as Commissioner.

Additionally, Bumi reported that four appointments were made. Eko Santoso Budianto was appointed as President Director and Subagyo Hadi Siswoyo, Kenneth Raymond Allan and Eva Tarigan were appointed as commissioners.

Advertisement
Advertisement - Article continues below

"Mr. Allan and Ms. Tarigan are also currently Directors of Borneo. Mr. Siswoyo is also a Commissioner of PT Berau Coal, BCE's Indonesian operating subsidiary," the Bumi statement added.

Bumi Resources updateSeparately, Bumi noted an announcement by Bumi Resources regarding the resignation of ten commissioners and directors of Bumi Resources.

The company said that three of those resigning were Directors of Bumi; namely Samin Tan, who has resigned as President Commissioner of Bumi Resources, Alexander Ramlie and Scott Merrillees, who have resigned as Commissioners of Bumi Resources.

Bumi also noted that Tan resigned as President Director of PT Bumi Resources Minerals Tbk.

Bumi stated: "The resignations of Messrs. Tan, Ramlie and Merrillees are in line with the company's announced aim of separating from the Bakrie Group and Bumi Resources, which transaction the company intends to put to shareholders for approval as soon as possible.

"The resignations are also consistent with the accounting reclassification, announced on November 5th 2012, of the company's shareholding in Bumi Resources to an investment from an associate given the company's level of influence over Bumi Resources," the statement added.

Advertisement
Advertisement - Article continues below

Bumi's share price was up 2.53% to 332.20p at 10:23 on Friday.

MF

Advertisement

Recommended

Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020
Visit/investments/stocks-and-shares/share-tips/600636/class-acts-going-cheap-buy-into-europes-best
Share tips

Class acts going cheap: buy into Europe’s best bargains

Value investing appears to be making a comeback, while shares on this side of the Atlantic are more appealing on metrics such as price/earnings ratios…
16 Jan 2020

Most Popular

Visit/investments/property/601065/what-does-the-coronavirus-crisis-mean-for-uk-house-prices
Property

What does the coronavirus crisis mean for UK house prices?

With the whole country in lockdown, the UK property market is closed for business. John Stepek looks at what that means for UK house prices, housebuil…
27 Mar 2020
Visit/economy/uk-economy/601063/the-uks-bailout-of-the-self-employed-comes-with-a-hidden-catch
UK Economy

The UK’s bailout of the self employed comes with a hidden catch

The chancellor’s £6.5bn bailout of the self employed is welcome. But it has hidden benefits for the taxman, says Merryn Somerset Webb.
27 Mar 2020
Visit/investments/commodities/gold/601037/gold-is-on-a-wild-ride-so-should-you-be-buying
Gold

Gold is hard to find right now – so should you be buying?

With demand through the roof and the physical metal hard to find, it's not the best time to buy gold. But right now, says Dominic Frisby, you want to …
25 Mar 2020
Visit/investments/stocks-and-shares/share-tips/601035/share-tips-of-the-week
Share tips

Share tips of the week

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
27 Mar 2020