Jhonlin Group to acquire over 10 billion Bayan Resources shares

Bayan Resources announced that its founder Low Tuck Kwong, together with his daughter Elaine Low, signed a Conditional Share Purchase Agreement on September 16, 2026 with PT Jhonlin Baratama, a subsidiary of the Jhonlin Group led by businessman Andi Syamsuddin Arsyad. The contract stipulates the sale of 10,000,000,500 common shares to Jhonlin, which would give the buyer that exact number of shares once the deal closes.

Director Jenny Quantero disclosed the agreement to the Indonesia Stock Exchange on September 17, noting that completion depends on several precedent conditions. She emphasized that the transaction will not cause any material negative impact on Bayan’s operations, legal standing, financial condition, or business continuity. Low Tuck currently serves as President Director and personally owns 40.251% of the company, with the Low family holding an additional stake exceeding 20%, including Elaine’s 22.002%. The announcement aims to quell market speculation about the corporate move.