Low Tuck Kwong Confirms Sale of 30.25% Bayan Resources Stake to Haji Isam

Low Tuck Kwong's side said the transaction was a purely commercial decision, conducted transparently and without pressure from any party.

The confirmation was delivered by Merlin, a director of Bayan Resources representing Low Tuck Kwong, on the sidelines of the BayRun for Charity event at Gelora Bung Karno (GBK) in Jakarta on Sunday (Nov. 8, 2026).

"Low Tuck Kwong confirms that BYAN has indeed sold shares to Haji Isam. It was purely a business transaction, conducted transparently and without any pressure," Merlin said.

He said both parties hoped the transaction would lead to cooperation that could make a positive contribution to Indonesia.

Merlin added that Low Tuck Kwong had long been familiar with Haji Isam's reputation in the mining industry and regarded him as a business partner with a good standing.

"He has a good reputation, and Low Tuck Kwong knows Haji Isam well as a business partner," Merlin said.

Bayan Resources had previously disclosed plans for the share transfer through a company announcement to the Indonesia Stock Exchange (IDX).

According to the disclosure, Low Tuck Kwong and his daughter, Elaine Low, signed a Conditional Sale and Purchase of Shares Agreement with PT Jhonlin Baratama on Sept. 16, 2026.

The agreement covers the proposed transfer of 10,000,000,500 ordinary shares in Bayan Resources. Completion of the transaction remains subject to the fulfilment of a number of conditions precedent.

The proposed transfer would give Jhonlin Baratama a significant stake in one of Indonesia's major coal mining companies.

Details of the transaction's completion, including fulfilment of the conditions precedent and the resulting ownership structure, still need to be confirmed through official company documents and IDX disclosures. (Gusti Haes)