Bayan Resources Responds to Rumours of Acquisition by Haji Isam

JAKARTA. Coal producer PT Bayan Resources Tbk (BYAN) has responded to rumours regarding a planned acquisition of the company by Kalimantan-based businessman Andi Syamsuddin Arsyad, also known as Haji Isam.

According to reports circulating in an online media outlet, Haji Isam is said to be planning to take over a majority stake, or approximately 62%, of BYAN shares.

Bayan Resources Corporate Secretary Jenny Quantero stated that the company is currently unaware of any planned takeover and/or acquisition of BYAN shares as referred to in the circulating information.

Jenny added that BYAN has no information regarding the parties involved or the transaction structure. Furthermore, BYAN has no information regarding the portion of shares to be transferred and/or the transaction value in connection with the information about the planned takeover and/or acquisition of shares.

The company owned by conglomerate Low Tuck Kwong is also unable to provide an explanation regarding the impact on control of BYAN because there is no transaction that can be confirmed by the company.

BYAN remains committed to complying with capital market regulations and Indonesia Stock Exchange (IDX) rules, including the obligation to disclose information if there is any material information or fact that must be made public.

At the close of trading on Tuesday (18/8), BYAN’s share price surged 19.97% to Rp 17,275 per share. Over the past week, BYAN’s share price has soared 43.66%.