Indonesian billionaire Low Tuck Kwong and his daughter Elaine finalised the sale of a combined 30.25 percent stake in PT Bayan Resources Tbk to PT Jhonlin Baratama for approximately 26.1 trillion rupiah, marking a massive ownership change in one of the nation’s most profitable thermal coal platforms.
The multi-billion-share transaction closed following weeks of regulatory and quota adjustments in Indonesia’s natural resource sector. Founder Low Tuck Kwong saw his direct holdings in the thermal coal producer drop from 40.15 percent to 9.95 percent, while Elaine Low’s stake moved from 22.1 percent to 22.05 percent.
The buyer, PT Jhonlin Baratama, serves as the investment vehicle for South Kalimantan mining magnate Andi Syamsuddin Arsyad, widely known as Haji Isam. His corporate entity now controls a decisive 30.25 percent equity foothold in Bayan Resources.
Bayan Shares Sold at a Deep Market Discount
The transaction was executed at 2,588 rupiah per share, amounting to roughly 26.1 trillion rupiah or about $1.46 billion, as Billionaires.africa noted via Bloomberg Technoz. The shares changed hands at a steep discount to prevailing market prices. That gap between the sale price and the market value triggered a sharp paper loss for the founder.
The Bloomberg Billionaires Index reported that Low lost $5.78 billion of his fortune—about a third of his net worth—in what marked his biggest one-day loss on record.
Management later reiterated to capital market regulators that the ownership transfer would not generate any material negative impact capable of disrupting corporate operations, financial health, or business continuity, according to InvestorTrust. Neither the sellers nor the company have provided a detailed public explanation for why the block was transferred at that valuation.
Regulatory Friction Precedes the Deal
In September, Bayan and three of its subsidiaries declared force majeure on certain coal supply obligations after the Indonesian government delayed approval for revised mining quotas, as reported by Mining Weekly. The ownership change arrived on the heels of that regulatory friction over production allowances. Those quota revisions were subsequently approved, and the force majeure declaration was lifted.
What remains unclear is why they chose to sell such a large 30 per cent block at this point.
Kiwoom Sekuritas Indonesia, via The Business Times
Jhonlin Group Expands Its Mining Footprint
The company generated approximately $3.43 billion in revenue, $1.36 billion in earnings before interest, taxes, depreciation, and amortisation, and $943 million in net profit while producing roughly 68 million tonnes of coal in its most recent fiscal year, as detailed by The Business Times. Despite regulatory headwinds, Bayan remains an exceptionally lucrative pure-play thermal coal asset.
For Haji Isam, whose Jhonlin Group spans mining, transportation and infrastructure, the acquisition cements a dominant position in the regional supply chain.
Equities React to the Finalized Transition
Bayan shares fell on the day the transaction settled, reflecting investor uncertainty regarding the change in control at one of the world’s largest thermal coal exporters. Equities reacted swiftly to the finalized transition.
Established founders monetise portions of their equity while large low-cost coal operations continue to generate substantial cash flow to support corporate diversification across Southeast Asia’s resource conglomerates.