Low Tuck Kwong Amends Agreement with Haji Isam, Increasing Share Divestment

PT Bayan Resources Tbk (BYAN) has announced an amendment to the Conditional Share Sale and Purchase Agreement with PT Jhonlin Baratama, which is part of the Jhonlin Group owned by Andi Syamsuddin Arsyad, commonly known as Haji Isam.

The amendment covers an increase in the number of shares to be divested by Dato’ Low Tuck Kwong and Elaine Low to PT Jhonlin Baratama. The number of shares to be released has increased to 10,084,080,370 shares, up from the previously agreed amount of 10,000,000,500 shares.

The amendment to the agreement was signed by the parties on 1 October 2026.

This information was disclosed by Bayan Resources Directors Jenny Quantero and Alastair Mcleod in a statement submitted to the Financial Services Authority (OJK) and published through the Indonesia Stock Exchange (BEI) disclosure on Tuesday, 6 October 2026.

The statement noted that following the initial disclosure regarding the signing of the Conditional Share Sale and Purchase Agreement on 17 September 2026, the company received further notification dated 5 October 2026. This confirmed that Dato’ Low Tuck Kwong, Elaine Low, and the Buyer signed an amendment to the agreement on 1 October 2026.

The amendment updates the number of common shares of the Company to be transferred to the Buyer from the original 10,000,000,500 common shares to 10,084,088,370 common shares. The execution and completion of the transaction remain subject to the fulfilment of several conditions precedent.

“Upon completion of the transaction and the fulfilment of all conditions precedent, the Buyer will hold 10,084,088,370 common shares of the Company,” the statement read.

“This event does not result in any material negative impact that could disrupt the operational activities, legal aspects, financial condition, or business continuity of the Company,” the company added.

As previously reported, on 17 September 2026, BYAN announced a corporate action regarding the transfer of controlling shares. The company’s founder, Dato’ Dr. Low Tuck Kwong, along with his daughter, Elaine Low, signed the Conditional Sale and Purchase of Shares Agreement with PT Jhonlin Baratama as the buyer on 16 September 2026.

PT Jhonlin Baratama is part of the Jhonlin Group, owned by Andi Syamsuddin Arsyad (Haji Isam). According to the disclosure to the OJK, the transaction involves the planned transfer of 10,000,000,500 common shares in PT Bayan Resources Tbk, though the final settlement remains dependent on meeting various conditions precedent.