Dato' Low Tuck Kwong acquires 500,000 BYAN shares following Jhonlin Baratama takeover
The billionaire founder of Bayan Resources purchased shares worth IDR 5.6 billion on Monday, marking his first buy since East Kalimantan businessman Haji Isam acquired a controlling stake in the coal producer.
Low Tuck Kwong buys BYAN shares for first time since Haji Isam's entry
Dato' Low Tuck Kwong, founder and president director of PT Bayan Resources Tbk (BYAN), acquired 500,000 shares in the Indonesian coal producer on Monday, 13 October 2026, marking his first purchase since businessman Andi Syamsuddin Arsyad, known as Haji Isam, took a controlling stake in the company.
According to a disclosure filed with the Indonesia Stock Exchange on Tuesday, Low purchased the shares at IDR 11,200 each, spending approximately IDR 5.6 billion in the transaction. Despite the acquisition, his ownership percentage remained at 9.95%, equivalent to 3.32 billion shares.
The purchase comes just days after Jhonlin Baratama, controlled by Haji Isam, secured a 30.25% stake in BYAN through the acquisition of 10.08 billion shares on 7 October. The transaction was completed at IDR 2,588 per share, representing a discount of up to 76.5% below market price at the time.
Of the shares acquired by Jhonlin Baratama, 10.07 billion came from Low Tuck Kwong's holdings, while another 16.67 million shares were divested by his daughter, Elaine Low. Prior to the negotiated market transfer, Low had also sold 33.33 million shares at IDR 11,025 apiece on 6 October.
Control structure remains unchanged
Despite Jhonlin Baratama's majority stake acquisition, formal control of Bayan Resources has not transferred. Low Tuck Kwong continues to be listed as the company's controller with his 9.25% holding, while Elaine Low retains a 21.95% stake in the coal producer.
Low, who moved to Indonesia from Singapore in 1972 seeking greater business opportunities, founded what would become Bayan Resources in 1973 under the name PT Jaya Sumpiles Indonesia. Forbes magazine ranks him as Indonesia's third-richest person, with a net worth of US$27 billion as of 2024.
Haji Isam, born in South Kalimantan in 1977, began his career as a log truck driver for three years after completing high school in 1996 before entering the coal mining business. His company, PT Jhonlin Baratama, started as a coal mining contractor in 2003 and has since expanded into a diversified conglomerate with interests spanning coal, biodiesel, palm oil plantations, logistics, shipping, and aviation.
Company operations and market position
Bayan Resources specializes in environmentally friendly, low-sulfur sub-bituminous and bituminous coal, operating concession areas totaling 107,087 hectares across East and South Kalimantan. The company, which went public on the Indonesia Stock Exchange in August 2012, had a market capitalization of approximately IDR 392.5 trillion (around $27.4 billion) as of August 2026, making it the fourth-largest listed company in Indonesia.
The coal producer reported strong operational performance in the first half of 2026, producing 32.9 million tons compared to 27.7 million tons in the same period of 2025. The company targets future production exceeding 80 million metric tons per annum through its flagship Tabang Project.
In September 2026, Indonesia's energy ministry granted Bayan Resources an additional mining quota of 15 to 20 million metric tons for three subsidiaries—PT Tiwa Abadi, PT Tanur Jaya, and PT Fajar Sakti Prima—after the company had declared force majeure on coal supply obligations. The quota increase came as the company reported trailing twelve-month revenue of approximately $3.55 billion as of June 2026.
BYAN shares closed at IDR 11,325 on Tuesday, rising approximately 0.67% from the previous session.