Shareholders of PT Berau Coal Energy Tbk (BRAU), the fifth largest coal producer in Indonesia, have approved the appointment of new board management of the company following the completion of the acquisition of London miner Asia Resources Minerals Ltd (ARMS) by Asia Coal Energy Ventures (ACE) on July 15. ARMS indirectly holds approximately 84.7 per cent of the issued and the paid-up capital of Berau through Vallar Investment UK Ltd.
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