Indonesia's Bayan shares soar after 30% stake sold to Prabowo-linked tycoon

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.