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5 clusters · 10 sources · 44 days · First seen · Last updated

Bayan Resources acquisition rumors and share transfer

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. In response to earlier rumors, Bayan Resources issued a formal disclosure stating that management was unaware of any specific takeover plans.

On September 16, 2026, the ownership structure moved toward a definitive change following the signing of a Conditional Share Purchase Agreement (CSPA). Founder Low Tuck Kwong and his daughter, Elaine Low, agreed to sell 10,000,000,500 common shares—representing approximately 30% of the company—to PT Jhonlin Baratama, a subsidiary of the Jhonlin Group owned by Haji Isam. Management stated that the transaction is not expected to disrupt the company’s operations, legal standing, finances, or business continuity.

On September 27, 2026, the company disclosed that following the transaction, Low Tuck Kwong is expected to hold approximately 20.853% of the company, while Elaine Low will hold approximately 11.399%. Despite the acquisition, BYAN management informed the Indonesia Stock Exchange (BEI) that Low Tuck Kwong will remain the primary shareholder and the controlling party.

On October 6, 2026, the company reported an amendment to the CSPA signed on October 1, 2026. The number of shares to be acquired by PT Jhonlin Baratama has increased from the original 10,000,000,500 to 10,084,088,370 shares, an addition of approximately 84 million shares. Management reiterated that the transaction will not have a material negative impact on the company’s legal, financial, or operational status.

Entities

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

Timeline

  1. [BUSINESS] 4 sources
    PT Jhonlin Baratama increases share acquisition of Bayan Resources

    PT Jhonlin Baratama has increased its planned acquisition of PT Bayan Resources Tbk shares to over 10.08 billion, following an updated agreement with shareholders Low Tuck Kwong and Elaine Low.

  2. [BUSINESS] 2 sources
    Bayan Resources announces 30% share sale to PT Jhonlin Baratama

    PT Jhonlin Baratama is set to acquire a 30% stake in PT Bayan Resources Tbk from Low Tuck Kwong and Elaine Low, though Low Tuck Kwong will remain the company's controlling shareholder.

  3. [BUSINESS] 6 sources
    Bayan Resources founder to sell 10 billion shares to Haji Isam's Jhonlin Baratama

    PT Jhonlin Baratama, owned by Haji Isam, has signed an agreement to acquire approximately 30% of Bayan Resources from founder Low Tuck Kwong and his daughter.

  4. [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.

  5. [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 · dream.co.id · dunia-energi.com · en.tempo.co · insight.kontan.co.id · katadata.co.id · rmol.id · rri.co.id · seputaraceh.id · tambang.co.id

This summary has been updated 4 times: see revision history