Bayan Resources shares drop amid acquisition rumors

Shares of PT Bayan Resources Tbk (BYAN) have experienced significant volatility, dropping approximately 23% over the last 15 trading days. This decline follows a period of rapid growth where the stock price surged by nearly 44% in just four days.

The market movement is driven by rumors that businessman Andi Syamsuddin Arsyad, also known as Haji Isam, is negotiating to acquire a 62.2% stake in the coal mining company. This stake is currently held by billionaire Low Tuck Kwong and his daughter, Elaine Low. Reports suggest the proposed cash offer could be around US$3 billion (approximately Rp52.65 trillion), which would represent a discount of more than 80% from recent market valuations.

While the negotiations are ongoing, there is no certainty that a deal will be reached. If an agreement is finalized, the transaction could potentially be completed by the end of the year. The company's corporate secretary previously stated that the firm was unaware of any takeover plans at the time of their disclosure to the Indonesia Stock Exchange.