Bayan Resources announces 30% share sale to PT Jhonlin Baratama

PT Bayan Resources Tbk (BYAN) has disclosed a conditional share purchase agreement involving a significant change in its shareholder composition. Andi Syamsudin Arsyad, through PT Jhonlin Baratama, is set to acquire 10,000,000,500 shares, representing approximately 30% of the company's total issued and paid-up shares.

The sellers of these shares are Low Tuck Kwong and Elaine Low. Following the completion of the transaction, Low Tuck Kwong is expected to hold 6,951,170,541 shares (approximately 20.853%), while Elaine Low will hold 3,799,584,529 shares (approximately 11.399%).

Despite the large acquisition by PT Jhonlin Baratama, BYAN management stated in a disclosure to the Indonesia Stock Exchange (BEI) that Low Tuck Kwong will remain the primary shareholder and the controlling party of the company. Management noted they were only informed of the transaction after the sellers had signed the conditional agreement and stated they do not have further information regarding the transaction value or the finalization timeline.