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Financier Nathaniel Rothschild will sell his stake in ARMS, valued at $200 million to ACE

British born financier Nathaniel Rothschild will be giving up his investments in Indonesia’s coal industry. He has agreed to sell his stake in Asia Resource Minerals (ARMS), after he got an improved offer from an Asian bidder. A prominent member of the banking dynasty, Rothschild co-founded one of ARM’s previous companies in 2010. He teamed up with Indonesia’s politically-connected Bakrie family, to be able to tap into the demand from southeast Asian country’s infrastructure plans. But hit by dropping coal prices, disputes and allegations of fraud in the boardroom and corruption, shares in the business, known as Bumi dropped about 90 percent. Rothschild has been battling for control and business with Asian Group Coal Energy Ventures (ACE). However, he has agreed to sell his 17.2 percent stake in ARMS to ACE, after the latter raised its offer. The value of ARMS is more than $200 million now.

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Indonesia, Nathaniel Rothschild,Asia Resource Minerals,ARMS,Asian Group Coal Energy Ventures,ACE