Singapore-born billionaire Low Tuck Kwong reportedly negotiating sale of majority stake in flagship coal mining firm

Singapore-born billionaire Low Tuck Kwong is reportedly in discussions to sell a majority stake in his flagship coal mining firm, Bayan. Several parties, including an Indonesian tycoon named Andi Syamsuddin Arsyad, have expressed interest in the sale, according to Bloomberg. However, a definitive sale remains uncertain at this stage.

Given Bayan's limited free float, the stake is expected to be sold at a discount, sources say. Low and his daughter currently own roughly 62% of Bayan. The company's management was unaware of any planned takeover or acquisition involving the stake by Andi or his affiliates, stating that they had no information on the identities of the parties involved or the structure of the potential transaction.

Although the controlling shareholders have informed management about their willingness to periodically evaluate opportunities to maximize their investment in the company, the exact number of shares that could change hands and the value of any such deal remain unknown. Haji Isam, as Low is known, is one of Indonesia's most politically connected businessmen and has built his wealth through various ventures, including coal, palm oil, shipping, logistics, and aviation.