Bayan Resources Updates Share Purchase Agreement With Jhonlin Baratama
PT Bayan Resources Tbk (BYAN) amended its conditional share purchase agreement with PT Jhonlin Baratama to increase the volume of shares changing hands, CNBC Indonesia reported. The transaction involves founder Dato’ Low Tuck Kwong and Elaine Low transferring a larger stake to the firm associated with Andi Syamsuddin Arsyad, widely known as Haji Isam. Signed on October 1, 2026, the updated accord supersedes the initial terms agreed upon in mid-September.
The amendment pushes the total number of ordinary shares slated for transfer to 10,084,088,370, up from the previously announced 10,000,000,500 shares. Execution and completion of the transaction remain subject to the fulfillment of several conditions precedent.
Transaction Details Filed With the Indonesia Stock Exchange
The revised agreement follows an initial corporate action disclosed on September 17, 2026, when Low Tuck Kwong and Elaine Low first signed a conditional sale and purchase agreement with PT Jhonlin Baratama on September 16. PT Jhonlin Baratama operates as a coal mining contractor based in Batulicin, Tanah Bumbu Regency, South Kalimantan, under the broader Jhonlin Group.
Concurrently, market activity for BYAN spiked on the Indonesia Stock Exchange. Trading of shares belonging to Low Tuck Kwong’s issuer recorded an overall value reaching Rp 367.5 billion, with RTI data showing 333,333 lots of Bayan Resources shares transacted in the negotiated market at a price level of Rp 11,025 per share. Meanwhile, shares in the regular market traded down 0.82% to Rp 12,150 during morning trading hours at 09:22 Western Indonesian Time (WIB).
Integrated Supply Chain Secures Resilient Operating Margins
Bayan Resources maintains a position as Indonesia’s third-largest thermal coal producer by production volume and operates an integrated supply chain from mine to port. KB Valbury Sekuritas analyst Adolf RB Setiadi noted that this logistical integration secures resilient operating margins for the firm. In 2025, Bayan recorded a cash cost of $32.5 per metric ton, staying below its $39.1 target due to a stripping ratio of 3.9 times.
That stripping ratio ranks among the lowest in the domestic coal sector. By comparison, the stripping ratio of PT Golden Energy Mines Tbk (GEMS) stands at 5.4 times, PT Bumi Resources Tbk (BUMI) at 6 times, PT Bukit Asam Tbk (PTBA) at 6.1 times, and PT Indo Tambangraya Megah Tbk (ITMG) at 9.4 times.
Share Transfer Agreement Avoids Material Negative Impact
Management at Bayan Resources stated that the updated share transfer agreement generates no material negative impact on the company’s operational activities, legal standing, financial health, or business continuity. Once all preliminary conditions are satisfied and the transaction reaches completion, Jhonlin Baratama will hold the exact revised total of 10,084,088,370 ordinary shares. Until this news was published, no official statement had been released regarding the detailed execution of the BYAN negotiated share transaction.
Frequently Asked Questions About the Share Transfer
What exact date was the amended share purchase agreement signed?
The amendment to the conditional share purchase agreement was signed on October 1, 2026, updating the original pact made on September 16, 2026.
How many shares are now included in the transaction between Low Tuck Kwong and Jhonlin Baratama?
The updated agreement covers 10,084,088,370 ordinary shares of Bayan Resources, an increase from the initial 10,000,000,500 shares.
What is the status of the share transfer process?
The transaction awaits the fulfillment of several closing conditions and preliminary requirements before Jhonlin Baratama formally takes ownership of the shares.
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