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Bayan Resources acquisition rumors and share transfer

Updated 4 times since CLSTR started tracking revisions of this situation.

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2026-09-28 00:01 UTC → 2026-10-07 04:42 UTC · added removed

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, have 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. The completion of the deal remains subject to several precedent conditions. On September 27, 2026, the company disclosed further details regarding the share sale. Following 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 by PT Jhonlin Baratama, acquisition, BYAN management informed the Indonesia Stock Exchange (BEI) that Low Tuck Kwong will remain the primary shareholder and the controlling party. Management noted they were informed of On October 6, 2026, the transaction only after company reported an amendment to the sellers had CSPA signed on October 1, 2026. The number of shares to be acquired by PT Jhonlin Baratama has increased from the conditional agreement and stated they lack further information regarding original 10,000,000,500 to 10,084,088,370 shares, an addition of approximately 84 million shares. Management reiterated that the transaction value will not have a material negative impact on the company’s legal, financial, or finalization timeline. operational status.

Versions

  1. 2026-10-07 04:42 UTC Bayan Resources acquisition rumors and share transfer
  2. 2026-09-28 00:01 UTC Bayan Resources acquisition rumors and share transfer
  3. 2026-09-18 07:02 UTC Bayan Resources acquisition rumors and share transfer
  4. 2026-09-17 23:58 UTC Bayan Resources acquisition rumors and share transfer
  5. 2026-09-10 06:09 UTC Bayan Resources acquisition rumors

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