Bayan sells stake to Prabowo ally after quota cut
According to Bloomberg, Haji Isam previously offered around US$3 billion in cash to acquire a 62 percent stake in Bayan Resources, that would represent a discount of approximately 80 percent relative to the current market price.
PT Bayan Resources, a publicly listed coal miner in Indonesia, recently sold a significant stake to Haji Isam, a well-known coal tycoon and ally of Prabowo. The deal, valued at around US$3 billion, represents approximately a 62 percent stake in the company, reflecting an 80 percent discount from the current market price. This substantial acquisition was facilitated through Haji Isam's investment vehicle, PT Jhonlin Baratama, and completed with the consent of the controlling shareholders, Low Tuck Kwong and his daughter Elaine Low.
The conditional share purchase agreement stipulates that Haji Isam will acquire around 10 billion shares, or roughly 30 percent of the company's outstanding shares. The transaction, subject to several conditions precedent, has not adversely affected Bayan Resources' business continuity, according to the company's director, Jenny Quantro.
Written by urgent.news from The Jakarta Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
