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View all search resultsBayan Resources declares force majeure amid delayed RKAB approval
The disclosure comes amid circulating rumors that tycoon Haji Isam will acquire a 62 percent majority stake in Bayan.
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Heavy equipment and trucks pass through a coal mining site in East Kalimantan in August 2016. (Antara/Wahyu Putro A)
C
oal mining company PT Bayan Resources has disclosed force majeure affecting coal supply obligations on its three subsidiaries amid delayed government approval of their revised annual production plan (RKAB).
The subsidiaries of the publicly listed company, PT Tiwa Abadi, PT Tanur Jaya and PT Fajar Sakti Prima, declared force majeure on Friday.
“The force majeure is due to the pending approval of the RAKB 2026 for the subsidiaries, despite the application for the revised RKAB approval having been submitted in accordance with the prevailing laws,” reads the company’s public disclosure published on Monday.
It noted that this situation had affected Bayan and its subsidiaries in meeting their obligation to customers and caused “a material impact" on business operations, as RKAB approval is necessary for legal coal production activities.
However, Bayan expressed hope that the declaration of force majeure would help minimize the risks and consequences for the company and its subsidiaries.
The disclosure comes amid circulating rumors that tycoon Haji Isam will acquire a 62 percent majority stake in Bayan.
When the speculation emerged in August, Bayan’s stock, listed under ticker code BYAN, rallied and reached a peak of Rp 17,125 (96 US cents) per share at the close of trading on Aug. 18.
