Indonesia's Minister of Energy and Mineral Resources, Bahlil Lahadalia, has stated that the planned increase in production for coal miner Bayan Resources (BYAN) is not connected to the share acquisition being pursued by businessman Haji Isam, according to kumparan.com.
The minister's remarks came after the company's Work Plan and Budget (RKAB) was approved, a development that followed Haji Isam's share-buying activity in BYAN. The Ministry of Energy and Mineral Resources (ESDM) has also publicly addressed questions about the timing of the RKAB approval, detikFinance reported.
The sequence of events drew attention because the production plan was cleared shortly after Haji Isam began accumulating BYAN shares. Bahlil's statement sought to separate the two matters, saying the additional output is not linked to the acquisition.
Reporting from kontan.co.id noted that a member of BYAN's board of directors has been actively selling shares in the company while the Haji Isam acquisition is underway. CNBC Indonesia reported that another senior Bayan figure also sold shares again, in a transaction described as carrying a significant value. Bisnis Indonesia Premium, meanwhile, framed the developments as a signal for shareholders of Bayan Resources, which is associated with Low Tuck Kwong.
Taken together, the reports point to heightened investor interest in BYAN, with insider share sales occurring alongside the acquisition effort and the approval of the company's production plan.
What to watch next: whether the ESDM releases further detail on the RKAB approval and whether additional insider share transactions in BYAN are disclosed.
