PT Jhonlin Baratama, the coal producer controlled by Indonesian businessman Andi Syamsuddin Arsyad, has signed a conditional agreement that could reshape coal ownership in the Indonesian coal sector. The Bayan Resources acquisition agreement covers 10,000,000,500 shares, representing approximately 30 percent of outstanding shares in one of the country’s largest thermal coal producers. The conditional agreement was signed on September 16, 2026, and disclosed through a regulatory filing the following day.
The shares are being transferred by Bayan Resources President Director Low Tuck Kwong and his daughter Elaine Low, who together hold the largest shareholdings in the company. The purchase price for the 30 percent strategic stake has not been disclosed, and the transaction remains subject to conditions precedent that have not been publicly detailed. Because completion depends on those conditions, the Bayan Resources acquisition has not been finalized.
Earlier in September, it was reported that Andi Syamsuddin Arsyad had made a separate US$3 billion cash offer for a 62 percent stake in the coal producer. That earlier reported offer is distinct from the current conditional agreement covering 30 percent of shares, and no public confirmation has linked the two as parts of a single transaction.
Scale of the Businesses Involved
The conditional agreement brings together two significant operators in the Indonesian coal sector. Jhonlin Group, the broader business group controlled by Andi Syamsuddin Arsyad, requested a mining quota of 60 million tonnes for 2026. Bayan Resources, meanwhile, produced approximately 68 million tonnes in 2025, establishing it as a major thermal coal exporter. Those production figures illustrate the substantial scale of both businesses, though the current Bayan Resources acquisition agreement covers a 30 percent strategic stake rather than operational control or a merger of the two companies’ mining activities.
Bayan Resources was founded by Low Tuck Kwong, who built the company into one of Indonesia’s most prominent coal producers. The potential transfer of a significant portion of shares held by Low and his daughter to Jhonlin Baratama represents a notable development in coal ownership at one of the country’s leading exporters.
Regulatory Context and Industry Background
Indonesia is the world’s largest exporter of thermal coal, and developments among its top producers carry weight across the broader market. Earlier in 2026, the Indonesian government cut Bayan’s production quota, a decision that led the company to declare force majeure. Other major coal producers in the country were largely spared from those enforced output reductions. While that regulatory backdrop is relevant context for the operating environment Bayan faces, the current conditional agreement between Jhonlin Baratama and the Low family shareholders stands as a separate corporate development.
The Bayan Resources acquisition agreement, should it reach completion, would mark one of the more significant changes in coal ownership among top-tier Indonesian thermal coal producers. Market attention is expected to focus on the conditions attached to the share transfer and the final terms once they are disclosed. At this stage, the transaction remains conditional, and no further details on pricing or the specific conditions precedent have been made public.