Jakarta. Indonesian tycoon Andi Syamsuddin Arsyad, better known as Haji Isam, has agreed to acquire a 30% stake in coal producer Bayan Resources (BYAN) through his company Jhonlin Baratama, confirming weeks of market speculation over a potential deal involving founder Low Tuck Kwong.

Bayan announced Thursday that Low and his daughter Elaine Low had signed a conditional share purchase agreement with Jhonlin Baratama on Sept. 16 covering 10,000,000,500 ordinary shares.

“The buyer will own 10,000,000,500 ordinary shares in the company after completion of the transaction and fulfillment of all conditions precedent,” Bayan Resources Director Jenny Quantero said in a regulatory disclosure.

The shares represent approximately 30% of Bayan's 33.33 billion outstanding shares.

The transaction remains subject to several conditions precedent, and Bayan did not disclose the agreed purchase price.

At the end of August, Low held approximately 13.42 billion Bayan shares, representing 40.25% of the company, while Elaine owned about 7.33 billion shares, or 22%. Together, they controlled around 62.25% of the coal producer before the planned transaction.

Bayan has not disclosed how the 10 billion shares being sold will be divided between Low and Elaine or whether the transaction will result in a change in the company's controlling shareholder.

Bayan shares closed at Rp 11,525 on Thursday, giving the 10 billion shares covered by the agreement a market value of approximately Rp 115.25 trillion ($6.5 billion). The figure is based solely on the market price and does not represent the undisclosed transaction value.

Quantero said the planned share transfer was not expected to have a material adverse impact on Bayan's operations, legal position, financial condition or business continuity.

From Rumor to Deal
The agreement provides clarity after market speculation that Haji Isam was seeking a major stake in Bayan Resources.

Earlier market talk had suggested a transaction involving as much as 62% of the company. 

Jhonlin Baratama is part of Haji Isam's Jhonlin Group, which has extensive operations in South Kalimantan. The company began as a coal mining contractor in Batulicin, Tanah Bumbu Regency, and is also involved in nickel mining and mining-equipment rental.

Bayan Resources, meanwhile, was founded by Low and has grown into one of Indonesia's largest thermal coal producers, supported by an extensively integrated mining and logistics network.

The company controls much of its own coal transportation infrastructure, including haul roads, barge-loading facilities, floating transfer stations and the Balikpapan Coal Terminal.

That integration has helped Bayan maintain relatively low production costs. Its cash cost stood at $32.50 per metric ton in 2025, below the company's guidance of $39.10 per ton.

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