Low Tuck Kwong says 30.25% Bayan stake sale was his own initiative
PT Jhonlin Baratama acquired 10,084,088,370 shares for Rp26.1 trillion, with the transaction completed in mid-October 2026.
Low Tuck Kwong initiated the sale of a 30.25 per cent stake in PT Bayan Resources Tbk to Haji Andi Syamsuddin Arsyad, known as Haji Isam, according to Bayan director Merlin. Speaking on Low’s behalf, she said the deal was a business decision made transparently and without pressure from any party.
Merlin said the shares had first been offered to several other domestic and foreign companies. Following those discussions, Haji Isam was the only prospective buyer to pursue the offer seriously. She made the comments at the BAYRUN for Charity 2026 event in Senayan, Jakarta.
Haji Isam’s PT Jhonlin Baratama bought 10,084,088,370 BYAN shares in a transaction worth Rp26.1 trillion. Low and his daughter, Elaine Low, signed a conditional share sale and purchase agreement with the company on 16 September 2026. The transaction was completed in mid-October 2026.
According to Merlin, Low had long been familiar with Haji Isam’s business reputation, particularly in mining, and regarded him as a business partner. She said both sides hoped their cooperation would contribute positively to Indonesia’s economy.
