Indonesian tycoon close to Prabowo creates coal mining giant with 30% Bayan stake deal
The ‘jumbo transaction’ could make billionaire Haji Isam one of the world’s top coal producers
Indonesian billionaire Haji Isam, a supporter of President Prabowo Subianto, is on the verge of creating a massive coal mining enterprise by acquiring a significant stake in miner Bayan Resources. The billionaire, also known as Andi Syamsuddin Arsyad, is expected to become one of the world's leading coal producers with this deal.
Haji Isam, through his company Jhonlin Baratama, is set to purchase 30% of Bayan's shares from current owners Low Tuck Kwong and his daughter Elaine Low. The transaction, which could potentially make Haji Isam one of the top coal producers globally, is expected to boost Bayan's stock by 12% in the coming week. Haji Isam's conglomerate, Jhonlin Group, is already a major player in the thermal coal industry, having requested a mining quota of 60 million tonnes for 2026.
The $3 billion cash offer Haji Isam made earlier in September suggested a valuation of around $4.8 billion for Bayan. If Haji Isam acquires a controlling stake in Bayan, he would control the largest coal business in Indonesia, the world's leading exporter of thermal coal.
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.
Also reported by 1 other outlet
- Indonesian tycoon creates coal mining giant with 30% Bayan stake deal businesstimes.com.sg
