Low Tuck Kwong, the owner of PT Bayan Resources (BYAN), is reportedly in negotiations to sell a majority stake in the coal mining giant to a consortium led by fellow tycoon Haji Isam (Andi Syamsuddin Arsyad). The potential transaction, valued at an estimated $5.5 billion, would involve the acquisition of approximately 62.2% of BYAN's shares. Low Tuck Kwong currently holds a 40% stake, with his daughter, Elaine Low, owning an additional 22%.
The discussions are ongoing, and there is no guarantee that a deal will be finalized. However, sources suggest that Haji Isam is aiming to purchase the shares at a discounted price. This is largely attributed to Bayan Resources' failure to meet the free float requirements set by the Indonesia Stock Exchange, which typically exerts downward pressure on stock valuations. On August 26, 2026, BYAN shares closed at Rp15,325.
While Bayan Resources had previously denied any knowledge of a planned takeover or acquisition in a statement to the stock market, its controlling shareholders have indicated an openness to opportunities to maximize their investments. Haji Isam's Jhonlin Group has not yet commented on the rumors. If successful, this deal would significantly elevate Haji Isam's standing within Indonesia's coal industry, as his conglomerate is already a major player and has been involved in key government projects since President Prabowo Subianto took office in 2024. For Low Tuck Kwong, 78, it would mark the end of several decades leading Bayan Resources, which he built into one of the country's largest and most profitable miners.
