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AKUISISI - Bayan Resources' Low Tuck Kwong Breaks Silence on Sale of 30.25% Stake to Haji Isam's Jhonlin Baratama
Key takeaways
- Bayan Resources founder Low Tuck Kwong says the transfer of a 30.25% stake in the coal producer to PT Jhonlin Baratama was a transparent business transaction made without pressure from any party.
- The deal covers 10,000,000,500 ordinary shares - about 30.25% of Bayan's placed and paid-up capital - under a conditional sale and purchase agreement signed on September 16, 2026.
- Completion is still subject to conditions precedent, and the buyer is controlled by Andi Syamsuddin Arsyad, the businessman widely known as Haji Isam.
JAKARTA - Low Tuck Kwong, founder and president director of Indonesian coal producer PT Bayan Resources Tbk (IDX: BYAN), has broken his silence on the sale of a 30.25% stake in the company to PT Jhonlin Baratama.
PT Jhonlin Baratama controlled by businessman Andi Syamsuddin Arsyad, widely known as Haji Isam.
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The message: a transparent deal, no pressure from anyone
The statement was delivered through Merlin, a director at Bayan Resources, who spoke on Low's behalf at the BayRun for Charity event held at Plaza Parkir Timur of the Gelora Bung Karno sports complex in Central Jakarta on Sunday, November 8, 2026.
Merlin said Low has long been familiar with Haji Isam's reputation in the mining industry, and that the relationship between the two has developed well as business partners.
"His reputation is good - Dato' knows Haji Isam well as a business partner," Merlin said in his statement.
According to Merlin, the share transfer was based purely on business considerations, and both sides hope the partnership will contribute positively to Indonesia.
"The hope of both parties - Dato' Low Tuck Kwong and Pak Haji - is to keep bringing positive things to Indonesia together," Merlin said.
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The deal at a glance: 10,000,000,500 shares, 30.25% of BYAN
Bayan Resources previously announced the planned transfer of 10,000,000,500 ordinary shares to PT Jhonlin Baratama, equal to approximately 30.25% of the company's placed and paid-up capital
| Item | Detail |
|---|---|
| Company | PT Bayan Resources Tbk (Indonesia Stock Exchange: BYAN) |
| Shares to be transferred | 10,000,000,500 ordinary shares |
| Stake size | Approximately 30.25% of placed and paid-up capital |
| Seller side | Low Tuck Kwong (founder and president director) and Elaine Low |
| Buyer | PT Jhonlin Baratama (controlled by Andi Syamsuddin Arsyad, known as Haji Isam) |
| Agreement | Conditional Sale and Purchase of Shares Agreement |
| Signing date | September 16, 2026 |
| Status | Completion subject to conditions precedent |
Based on an information disclosure at the Indonesia Stock Exchange (IDX), the transaction was formalized in a Conditional Sale and Purchase of Shares Agreement signed by Low Tuck Kwong and Elaine Low together with PT Jhonlin Baratama on Wednesday, September 16, 2026.
Bayan management noted that completion of the transaction remains subject to the fulfillment of a number of preliminary conditions set out in the agreement.
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Who is Haji Isam? A quick primer for global readers
Andi Syamsuddin Arsyad - widely known by his honorific nickname Haji Isam - is an Indonesian businessman who controls PT Jhonlin Baratama, the buyer in this transaction. The acquisition would place his group among the largest shareholders of Bayan Resources, one of Indonesia's major coal producers listed on the IDX. For offshore investors tracking Indonesian equities, the deal is notable because BYAN is among the market's heavyweight coal counters, and ownership changes of this size can move both the stock and sentiment toward the sector.
The bottom line
If completed, the transfer would stand as one of the most significant ownership transactions in an Indonesian coal issuer in recent memory, moving roughly 30% of Bayan Resources into the Jhonlin Baratama camp. Investors will be watching the fulfillment of the conditions precedent - and the next round of IDX disclosures - to see when, and at what final terms, the change of control at the top of BYAN's register is sealed.
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Source and attribution
This article is an English-language adaptation of reporting originally published in Indonesian by Kontan.co.id: "Low Tuck Kwong Buka Suara soal Penjualan 30,25% Saham BYAN ke Haji Isam" (https://investasi.kontan.co.id/news/low-tuck-kwong-buka-suara-soal-penjualan-3025-saham-byan-ke-haji-isam), published November 8, 2026 (6:42 p.m. WIB), reported and edited by Yudho Winarto. All figures and quotes are drawn from the original article; quotes were translated from Indonesian.
Disclaimer
This article is for information only and does not constitute investment advice. The transaction described remains subject to conditions precedent and has not yet been completed; final terms and closing depend on the parties' agreement and applicable exchange regulations. Always verify with official company disclosures on the Indonesia Stock Exchange before making any investment decision.
