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View all search resultsBayan sells stake to Prabowo ally after quota cut
According to Bloomberg, Haji Isam previously offered around US$3 billion in cash to acquire a 62 percent stake in Bayan Resources, that would represent a discount of approximately 80 percent relative to the current market price.
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Piles of coal are seen on barges floating down a river on Aug, 16, 2022, in Samarinda, East Kalimantan. (AFP/Adek Berry)
L
ocal coal tycoon Andi Syamsuddin Arsyad, better known as Haji Isam, has acquired a significant stake in publicly listed coal miner PT Bayan Resources, marking one of the most notable corporate maneuvers in Indonesia's coal sector this year.
Through his investment vehicle PT Jhonlin Baratama, Haji Isam signed a conditional share purchase agreement on Wednesday with Bayan Resources' controlling shareholders, one of the richest individual in the country Low Tuck Kwong and his daughter Elaine Low.
Under the agreement, Haji Isam will acquire around 10 billion Bayan Resources shares, representing approximately 30 percent of the company's outstanding shares.
"The completion of the transaction is subject to the fulfillment of several conditions precedent," Bayan Resources director Jenny Quantro said in a statement on Thursday.
The company did not provide detailed information on its controlling structure following the transaction.
Jenny emphasized that the transaction would not negatively impact Bayan Resources’ business continuity.
"The event does not result in any material negative impact that could disrupt operational activities, legal aspects or financial conditions," she stated.
