Bayan Resources (IDX:BYAN) shareholders Low Tuck Kwong and Elaine Low have completed the sale of a 30.25% stake in the Indonesian coal producer to Jhonlin Baratama.
The transaction closed on 7 October, transferring approximately 10.08 billion shares to the company controlled by businessman Andi Syamsuddin Arsyad, commonly known as Haji Isam.
Reuters reports that trading data valued the transaction at approximately US$1.46 billion ($2.09 billion).
In a subsequent letter to the Indonesia Stock Exchange dated 12 October, Bayan says its plans to maintain and develop its core business remain unchanged, according to Indonesian financial publication EmitenNews.
The report says Bayan has not held discussions about potential strategic synergies with Jhonlin.
The original agreement, signed on 16 September, covered approximately 30% of Bayan, as previously reported by Mining.com.au. An amendment signed on 1 October increased the number of shares being transferred.
The purchase involves existing shareholder holdings rather than newly issued shares, meaning it does not raise capital for Bayan.
Completion follows the lifting of Bayan’s force majeure declaration on coal supply agreements in September after it received additional government production quota for 2026.
Bayan Resources is an integrated coal producer with open-cut mines in East and South Kalimantan, Indonesia, supported by coal terminals and transport infrastructure.
(with files from Reuters)
Write to France Pinzon at Mining.com.au
Main image: Bayan Resources
