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BackBayan Resources Shareholders Agree to Sell 30 Per Cent Stake to Haji Isam
Bayan Resources Shareholders Agree to Sell 30 Per Cent Stake to Haji Isam
NEWS
SCMP Economy1 hour agoBusiness1 min readChina

Bayan Resources Shareholders Agree to Sell 30 Per Cent Stake to Haji Isam

Low Tuck Kwong and his daughter agree to sell a major stake in Indonesia's third-largest coal producer amid quota approval delays.

bayan resourceslow tuck kwongelaine low

Quick Look

Low Tuck Kwong and Elaine Low agreed to sell a 30 per cent stake in Bayan Resources to tycoon Andi Syamsuddin Arsyad, or Haji Isam, amid government quota delays.

AI-generated summary

Why It Matters

Bayan Resources faced a delay in government approval for additional coal quotas for three of its subsidiaries.

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Low Tuck Kwong and his daughter Elaine Low, the biggest shareholders of Bayan Resources, agreed on September 16 to sell a 30 per cent stake in Indonesia’s third-largest coal producer to fellow tycoon Andi Syamsuddin Arsyad, better known as Haji Isam.

The deal comes at a sensitive moment for Bayan after the government delayed approval of additional coal quotas for three of its subsidiaries. The uncertainty sent Bayan’s shares sharply lower in the days before the deal announcement. It rose by about 20 per cent as soon as news broke about the stake deal, hitting the upper auto-reject limit.

The timing has fuelled speculation that the quota hurdle might be linked to the deal, a suggestion that the government has rejected.

Open Questions

  • Will the government approve the delayed coal quotas?
  • What are the financial terms of the stake sale?

Related Topics

bayan resources
PeopleLow Tuck KwongElaine LowAndi Syamsuddin ArsyadHaji Isam
OrganizationsBayan Resources
PlacesIndonesia
Topicslow tuck kwongelaine lowhaji isamcoalindonesia
This article was originally published by SCMP Economy.

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