Owner of Indonesian coal mining giant Bayan in talks on sale
Billionaire Low Tuck Kwong – who owns 40 per cent of Bayan – is said to be negotiating with potential buyers
Low Tuck Kwong, the billionaire owner of Indonesian coal mining company Bayan Resources, is in negotiations to sell a majority stake in the $28 billion firm to a consortium led by rival tycoon Andi Syamsuddin Arsyad, known as Haji Isam. Haji Isam's Jhonlin Group has not commented on the matter. The deal, if finalized, could be one of Indonesia's largest coal transactions.
Bayan, which holds 40% of the company, with another 22% owned by Kwong's daughter, is open to selling at a discount due to the company's limited free float. The talks are ongoing and not yet guaranteed, according to sources. Bayan had previously stated it is unaware of any takeover plans but noted that its controlling shareholders could consider opportunities to maximize their investment.
The deal comes amid industry turmoil in Indonesia, where miners have faced reduced production quotas, fines for permit violations, and pressure to purchase government bonds. Haji Isam's acquisition of Bayan would place him among the country's top coal magnates, with his conglomerate already involved in significant government projects.
Kwong, a Singapore-born entrepreneur, has owned Bayan for decades and has consistently focused on coal despite other Indonesian miners diversifying into other commodities.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
