BYAN Management Clarifies Rumours of Haji Isam Acquisition

Jakarta, CNBC Indonesia - PT Bayan Resources Tbk (BYAN), the company controlled by Low Tuck Kwong, has responded to rumours that businessman Andi Syamsuddin Arsyad, also known as Haji Isam, plans to take over approximately 62.2% of the company’s shares.

In an information disclosure to the Indonesia Stock Exchange (BEI) dated 18 August 2026, BYAN Corporate Secretary Jenny Quantero stated that the company is currently unaware of any plan for a takeover and/or acquisition of the company’s shares as referred to in the circulating information.

“However, the controlling shareholder of the company has conveyed to us that from time to time, as investors, they may consider various opportunities to maximise their investment in the company,” Jenny stated, as quoted from the BEI information disclosure on Sunday, 23 August 2026.

The company also stated that there is no material impact on BYAN’s operational activities or financial performance related to the information.

Market rumours suggested that Haji Isam would take over approximately 62.2% of BYAN shares. Based on company data, the total number of BYAN shares is 33,333,335,000 shares. If 62.2% of these shares were calculated using BYAN’s closing price on 18 August 2026 of Rp17,275 per share, the number of shares to be purchased would be approximately 20.73 billion shares.

Mathematically, the value of the share purchase would therefore reach approximately Rp358.17 trillion. This figure is an estimate based on market price and is not the actual value of the acquisition transaction. If the transaction were actually carried out to take over the controlling block, the agreed price could differ from the market price.

“As of the date of this letter, the company is not aware of any plan for a takeover and/or acquisition of approximately 62.2% of the company’s shares by Haji Isam or any party affiliated with Haji Isam,” she stated.

“The company does not have information regarding the parties involved or the transaction structure as referred to in the circulating information. The company does not have information regarding the portion of shares to be transferred and/or the transaction value in connection with the information regarding the plan for the takeover and/or acquisition of the shares,” she continued.

“As of the date of this letter, the company does not have any other material information or events that have not been disclosed to the public that could affect the company’s business continuity and/or the company’s share price. The company remains committed to complying with the provisions of capital market regulations and the regulations of the Indonesia Stock Exchange, including the obligation to submit information disclosure if there is material information or facts that must be disclosed to the public,” she concluded.

For context, the share ownership report of BYAN as of 31 July 2026 shows that Dato’ Low Tuck Kwong controls 40.251% of the shares, while Elaine Low controls 22.002%. Combined, their ownership reaches approximately 62.253%, very close to the 62.2% figure mentioned in the rumour.