Bayan Resources founder to sell 10 billion shares to Haji Isam's Jhonlin Baratama

PT Bayan Resources Tbk has announced a major share transfer involving its founder, Low Tuck Kwong, and his daughter, Elaine Low. On September 16, 2026, the pair signed a Conditional Share Purchase Agreement (CSPA) to sell 10,000,000,500 common shares—approximately 30% of the company—to PT Jhonlin Baratama.

PT Jhonlin Baratama is a subsidiary of the Jhonlin Group, owned by prominent businessman Andi Syamsuddin Arsyad, also known as Haji Isam. The completion of the transaction is subject to several precedent conditions. Bayan Resources management stated that the deal is not expected to have any material negative impact on the company’s operations, legal standing, financial condition, or business continuity.

Following the news of the potential acquisition, Bayan Resources shares experienced significant volatility, hitting an upper limit increase of nearly 20% during one trading session. This corporate action follows a period of regulatory uncertainty regarding the company’s work plan and budget (RKAB) approvals from the Ministry of Energy and Mineral Resources.