Asia Resource Minerals announced it is attempting to raise $100 million through a share issue, underwritten by a trust of Nat Rothschild, HeraldScotland reported.
The group, with a market value of about $51 million, has a total debt of about $1 billion.
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And you thought you had deficits.
Mr Rothschild, the second-largest shareholder in ARMS with an about 18% stake, offered in November to raise his stake, proposing to underwrite a share sale to help cut debt.
Mr Rothschild set up Bumi with Indonesia’s prominent Bakrie family in 2010. The company’s market value went way down, affected by falling coal prices and legal battles.
If the shares are not fully subscribed, Mr Rothschild’s beneficial ownership interest would rise and the company will enter into a new relationship agreement with Mr Rothschild and the trust NR Holdings, ARMS said.