JAKARTA - PT Bayan Resources Tbk (BYAN) and its subsidiary, PT Bayan Energy (BE), is acquiring the entire shares of PT Berau Utama Berkatsetia (BUB) in PT Enggang Alam Sawita (EAS) for IDR 105.14 billion. BYAN and EAS actually had a history regarding joint land utilisation.

Jenny Quantero, Director of BYAN, said that EAS’s plantation area is located within and near the mining concession of several of BYAN’s subsidiaries.

“This transaction is meant as investment and to support smooth operation of the company’s business group through acquisition of mining concession and plantation area,” Quantero confirmed in the information disclosure quoted Thursday (5/9).

In addition, BYAN distributed loan to EAS worth IDR 159.26 billion. Both shares acquisition and loan disbursement to EAS took place last week (30/8).

Post-transaction, EAS’s shareholder structure will change to BYAN (99%) and BE (1%). BYAN is the owner of 99.99% of BE’s shares. BE is a subsidiary that operates as an investment (holding) company. As of March 2024, BE reported total assets of USD 186.46 million.

For the record, on January 29, 2024, PT Brian Anjat Sentosa (BAS) and PT Fajar Sakti Prima (FSP), two of BYAN’s subsidiaries, faced a civil lawsuit submitted by EAS regarding the utilisation of joint land in Tabang District, Kutai Kartanegara, East Kalimantan. (LK/ZH)