Indonesian tycoon 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
Billionaire Indonesian tycoon Haji Isam, better known as Haji Isam, has reached an agreement to acquire a 30% stake in miner Bayan Resources, setting him on course to become one of the world's leading coal producers. The deal, which could make him the largest coal business in Indonesia, is valued at around US$4.8 billion. Haji Isam, through his company Jhonlin Baratama, will purchase the shares from Bayan's two biggest shareholders, Low Tuck Kwong and his daughter Elaine Low, subject to certain conditions.
The acquisition has already caused Bayan's stock to surge by up to 20% in Jakarta, with the company preparing for a weekly gain of around 12%. If successful, Haji Isam would oversee the largest coal business in Indonesia, the world's largest exporter of the fossil fuel.
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.
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