September 18, 2026 | 11:54 am
TEMPO.CO, Jakarta - Coal miner Bayan Resources (BYAN) announced that company founder Low Tuck Kwong, alongside his daughter Elaine Low, signed a Conditional Share Purchase Agreement with PT Jhonlin Baratama on September 16, 2026. The firm is a subsidiary of the Jhonlin Group, owned by prominent businessman Andi Syamsuddin Arsyad, widely known as Haji Isam.
BYAN Director Jenny Quantero stated that the conditional share purchase agreement covers the transfer of 10,000,000,500 common shares in the company to Jhonlin. “The completion of the transaction remains subject to the fulfillment of several precedent conditions,” she said in an official disclosure to the Indonesia Stock Exchange on Thursday, September 17, 2026.
Jenny noted that once the transaction closes, Jhonlin will automatically hold 10,000,000,500 common shares in the coal producer. She assured stakeholders that the deal would not result in any adverse material effects on the company. “It will not cause any material negative impact that could disrupt the company’s operational activities, legal standing, financial condition, or business continuity,” she said.
The disclosure by Bayan Resources effectively addresses market speculation surrounding the corporate action. Low Tuck Kwong currently serves as President Director of Bayan Resources. Low Tuck individually holds a 40.251 percent stake in the firm. However, members of the Low family continue to hold additional stakes exceeding 20 percent, including Elaine Low with 22.002 percent.
In a previous statement, Jenny mentioned that Low Tuck Kwong had previously advised management regarding potential investment moves. Low Tuck told executives that, as investors, shareholders naturally evaluate options to maximize their stake in the enterprise. “As investors, they may consider various opportunities to maximize their investment in the company,” she said.
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