Market Chatter: Bayan Resources' Owner Mulling Majority Stake Disposal
The controlling stakeholder of PT Bayan Resources (IDX:BYAN) is in talks to dispose of a majority stake in the company to a consortium led by a rival tycoon, according to a report by Bloomberg on Wednesday, citing people familiar with the matter.Bayan Resources' founder and majority owner, Low Tuck Kwong, holds a 40% stake in the thermal coal producer, while another 22% is held by his daughter, the report said.Negotiations regarding the stake sale to potential buyers led by Indonesian tycoon Andi Syamsuddin Arsyad, also known as Haji Isam, are ongoing, according to the report.Bayan Resources did not immediately respond to' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
