Bayan Resources faces potential 30% stake acquisition by Haji Isam

Bayan Resources Tbk (BYAN) is undergoing significant ownership shifts as businessman Andi Syamsudin Arsyad, known as Haji Isam, moves to acquire 30 percent, or 10 billion shares, of the coal mining company. This maneuver follows a period of substantial dividend payouts for the company's founder and controller, Low Tuck Kwong, who has received approximately Rp47.76 trillion in dividends since 2018.

Amidst these acquisition talks, BYAN director Alastair Gordon Christopher Mcleod sold 185,200 shares on September 21, 2026, totaling approximately Rp2.47 billion. The company's stock saw a significant decline, closing down 9.71 percent at Rp11,850 during recent trading.

Analysts have noted a wide discrepancy in the estimated cost for the proposed acquisition. Based on the average price of the last 90 days, the cost could be around Rp126.4 trillion (US$7 billion), whereas previous transaction data suggests a much lower valuation of approximately Rp25.4 trillion (US$1.4 billion) for the 30 percent stake.