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2 clusters · 4 sources · 17 days · First seen 20 days ago · Last updated 3 days ago

Bayan Resources acquisition rumors

Overview

Speculation regarding a potential takeover of PT Bayan Resources Tbk (BYAN) has caused significant volatility in the company’s stock price. Market rumors suggested that businessman Andi Syamsuddin Arsyad, known as Haji Isam, was negotiating to acquire a 62.2 percent stake currently held by Low Tuck Kwong and Elaine Low. Reports indicated a possible cash offer of approximately US$3 billion, which would represent a discount of over 80 percent from recent market valuations.

In response to the rumors, Bayan Resources issued a formal disclosure stating that management was unaware of any specific takeover plans or transactions involving Haji Isam or his affiliates. Despite this denial, the stock experienced extreme fluctuations, including a 44 percent surge followed by a 23 percent drop over a 15-day period. Indonesian Audit Watch (IAW) has called for transparency and rigorous oversight to ensure market stability and legal compliance during such periods of speculation.

Entities

Elaine Low · Andi Syamsuddin Arsyad · Low Tuck Kwong · PT Bayan Resources Tbk · Indonesia Stock Exchange

Timeline

3 days ago

[BUSINESS] 2 sources
Bayan Resources shares drop amid acquisition rumors
Shares of PT Bayan Resources Tbk have dropped 23% amid rumors that Andi Syamsuddin Arsyad is negotiating to acquire a 62.2% stake from Low Tuck Kwong at a significant discount.
20 days ago

[BUSINESS] 2 sources
Bayan Resources denies rumors of 62.2 percent share acquisition
Bayan Resources has denied rumors of a 62.2 percent share acquisition by businessman Haji Isam, while Indonesian Audit Watch calls for transparency and strict regulatory oversight.

Sources

cnbcindonesia.com · katadata.co.id · rmol.id · rri.co.id