Bayan Resources stake sale to Haji Isam vehicle completed
Low Tuck Kwong and his daughter sold 30.25% of the Indonesian coal miner, exceeding the 30% stake covered by their initial agreement.
Jhonlin Baratama has acquired a 30.25% interest in Indonesian coal miner Bayan Resources from founder Low Tuck Kwong and his daughter Elaine, Bayan said in stock exchange filings. The buyer is an investment vehicle of businessman Andi Syamsuddin Arsyad, known as Haji Isam.
The completed deal leaves Low with 9.95% of Bayan, down from 40.15%. Elaine retains 22.05%, compared with her previous 22.1% holding. Bayan did not provide a transaction value in its Indonesia Stock Exchange disclosures.
The parties had initially agreed conditionally to transfer 10 billion shares, representing 30% of the company. Financial data platform IDN Financials reported that an amendment added roughly 84 million shares, taking the agreed amount to 10.08 billion.
Reuters, drawing on LSEG data, separately reported trading of 10.08 billion shares at Rp2,588 apiece, worth Rp26.1 trillion in total. Haji Isam's conglomerate, PT Jhonlin Group, is already a major producer of thermal coal.
Low established Bayan in 2004. He was born in Singapore before moving to Indonesia and obtaining Indonesian citizenship. Separately, Bayan and three subsidiaries withdrew a force majeure declaration on coal supply commitments after the Indonesian government approved mining quota revisions.
