BYAN Shares Have Plunged 23%, What Is Happening?
Shares of PT Bayan Resources Tbk (BYAN) underwent another correction during trading today, Thursday (10/09/2026).
As of 11:00 WIB, BYAN shares fell 3.45% to the 13,300 level. A few minutes later, the decline was narrowed to 2.37% at the 13,450 level, having briefly touched a daily high of 13,650. The company’s market capitalisation was recorded at Rp 446.7 trillion.
Previously, BYAN shares had surged to the 17,275 level, representing a 43.96% increase within four trading days. This means that over the last 1s5 trading days, BYAN shares have plummeted by 23.01%.
When BYAN touched the 17,000 range, rumours circulated that 62.2% of the shares held by Low Tuck Kwong’s company would be acquired by Andi Syamsuddin Arsyad, also known as Haji Isam.
As an illustration, shareholding reports for BYAN as of 31 August 2026 show that Dato’ Low Tuck Kwong controls 40.251% of shares, while his daughter, Elaine Low, holds 22.002%. Combined, their ownership reaches approximately 62.253%, which is very close to the 62.2% figure mentioned in the rumours.
Based on company data, the total number of BYAN shares stands at 33,333,350,000. If 62.2% of these shares were calculated using BYAN’s closing price on 18 August 2026 of Rp 17,275 per share, the required purchase would involve approximately 20.73 billion shares.
Mathematically, the value of such a purchase would reach approximately Rp 358.17 trillion, or roughly US$20.43 billion.
In recent developments, market rumours have suggested that Haji Isam has submitted an offer to acquire BYAN at a price far below its current market value. If Low Tuck Kwong were to accept Haji Isam’s offer, the acquisition price would represent a discount of more than 80% from the BYAN share price on 18 August 2026.
Previously, in a disclosure to the Indonesia Stock Exchange (IDX) dated 18 August 2026, BYAN Corporate Secretary Jenny Quantero clarified that the Company is currently unaware of any plans for a takeover and/or acquisition of the Company’s shares as suggested by the circulating information.
“However, the Company’s controlling shareholders have informed us that from time to time, as investors, they may consider various opportunities and prospects to maximise their investments in the Company,” Jenny stated, as quoted from the IDX disclosure.
Separately, PT Jhonlin Agro Raya Tbk (JARR), an entity affiliated with Haji Isam, has addressed the reports regarding the Kalimantan-based businessman’s plan to take over BYAN.
In its response to the Exchange, JARR stated that it has no plans to acquire BYAN shares. This clarification applies to the company group up to the date of the clarification letter.
The company also provided an explanation regarding potential acquisition plans by controlling shareholders or ultimate beneficial owners. To date, JARR stated that it has not received any official confirmation or notification regarding any plans or material facts concerning the acquisition of BYAN shares.