Business · Companies · 2 hrs ago
Bayan Resources Says It Has No Information of a Change in Control
Bayan Resources is facing questions about share transfers to Jhonlin Baratama, a company owned by businessman Haji Isam.
The transfers took place on 15 and 16 October 2026 at Rp2,588 per share.
Indonesia’s stock exchange asked why both transactions used the same price and how it was set, noting that Dato’ Low Tuck Kwong bought Bayan shares on the regular market for Rp11,200 each on 14 October.
Bayan said it cannot confirm the transaction details because it was not a party to the transfers.
Its ownership figures dated 19 October show Jhonlin Baratama held 30.25%, while Low Tuck Kwong and Elaine Low together held 30.30%.
The figures matter because they show the two holdings were nearly equal, but Bayan said it has no information of a change in control.
The company has not said what happens next with the exchange’s questions.
Bayan Resources said it had no information indicating a change in control of the company.
The company said its view was based on information received, including notices from Dato’ Low Tuck Kwong and Elaine Low dated 8 October 2026.
Bayan said the two together held 30.30% of its shares, slightly more than PT Jhonlin Baratama’s 30.25%.
The Indonesian Stock Exchange asked the company about share transfers to Jhonlin Baratama at Rp2,588 per share.
Bayan said it could not confirm details of the transactions because it was not a party to them.
- Who
- PT Bayan Resources Tbk said it had no information indicating a change in control.
- What
- The company said it had not received information showing a change in control or a new controller announcing a takeover.
- When
- The company’s share ownership report was dated 19 October 2026. The article was published on 22 October 2026.
- Where
- Indonesia. The article was datelined Jakarta.
- Why
- Bayan said the information it had received did not indicate a change in control.
This story does not have two clearly opposing sides.
Dato' Low Tuck Kwong and Elaine Low sent a notice cited by Bayan in explaining its view on control.
Dato' Low Tuck Kwong bought BYAN shares on the regular market at Rp11,200 per share.
Shares were transferred to Jhonlin Baratama at Rp2,588 per share.
The exchange asked Bayan to explain the basis for a share transfer price of Rp2,588 per share.
Bayan's share ownership report recorded Jhonlin Baratama's holding at 30.25%.
- Jhonlin Baratama holding
- 10,084,088,370 shares, or 30.25%
- Dato' Low Tuck Kwong holding
- 2,766,667,800 shares, or 8.30%
- Elaine Low holding
- 7,333,833,700 shares, or 22.00%
- Combined Low family holding
- 30.30%
- Share transfer price
- Rp2,588 per share
- Dato' Low Tuck Kwong market purchase
- Rp11,200 per share on 14 October 2026
What people are saying
Based on the share composition of the Company above, we note that the largest shareholding is still held by Dato' Low Tuck Kwong and Elaine Low, who together hold 30.30%.