Bayan Resources to sell 30% stake to Jhonlin Baratama, reshaping Indonesia coal ownership

Bayan Resources signed a conditional agreement on Sep 16 to sell over 10 billion shares, representing about 30% of its outstanding stock, to Jhonlin Baratama, the investment vehicle of businessman Andi Syamsuddin Arsyad (Haji Isam). Based on the Sep 16 closing price of 11,450 rupiah, the stake is estimated at roughly 114.5 trillion rupiah, though the exact price was not disclosed. The sale will reduce the Low family’s combined holding from around 62% to roughly one-third, but Low Tuck Kwong will stay the controlling shareholder.

The proceeds will be paid to Low and his daughter Elaine Low, not to the company. The deal occurs amid tighter government production caps and a recent approval of an extra 15-20 million tonnes of quota for three Bayan subsidiaries. Analysts note the move may reflect diversification or succession planning rather than financial distress, and it underscores continued interest in Indonesia’s high-quality coal assets despite a broader energy transition.