Bayan Resources denies rumors of 62.2 percent share acquisition

PT Bayan Resources Tbk (BYAN) has officially responded to market rumors regarding a potential acquisition of approximately 62.2 percent of its shares by Kalimantan-based businessman Andi Syamsuddin Arsyad, also known as Haji Isam.

In a formal information disclosure, the coal mining giant stated that management is currently unaware of any plans for such a takeover by Haji Isam or any affiliated parties. While the company did not deny that controlling shareholders might consider strategic business opportunities to maximize investments in the future, they clarified that no specific transaction is currently underway.

The speculation was fueled by the combined ownership of founder Low Tuck Kwong and Elaine Low, which totals nearly 62.2 percent, and reports of a meeting between Haji Isam and Low Tuck Kwong in East Kalimantan. The rumors previously caused significant volatility in BYAN's stock price.

Indonesian Audit Watch (IAW) has urged transparency and called for rigorous oversight if any actual transaction occurs. IAW emphasized that the current ownership figures are not proof of a takeover and advised the public to distinguish between rumors and confirmed transactions. The organization suggested that authorities use this momentum to test capital market supervision mechanisms to ensure all trading activities remain within legal bounds.