Analyst Sees Johnlin-Bayan Deal Could Support Bayan’s Production Capacity

JAKARTA, Jakartaweekly.com–Analyst sees Johnlin-Bayan deal could support Bayan’s production capacity. PT Bayan Resources Tbk (BYAN) announced last week, on September 17, 2026, that Low Tuck Kwong and Elaine Low had signed a share sale and purchase agreement with PT Jhonlin Baratama as the buyer.

Under the Conditional Share Purchase Agreement (CSPA), Haji Isam-owned Jhonlin Baratama will acquire 10 billion BYAN shares, representing a 30% stake, from Low Tuck Kwong and Elaine Low.

Reza Priyambada, Director at Reliance Sekuritas Indonesia, said market participants view Jhonlin’s entry as a potential catalyst that could help facilitate RKAB approvals, mining quota allocations and operational permits with regulators.

As BYAN faces uncertainty over approval for its revised RKAB, which has constrained the company’s potential to operate its mines at full production capacity, Jhonlin has strong local, regulatory and political networks in West Kalimantan, South Kalimantan and East Kalimantan, Reza said.

“Against this backdrop, we hope that the collaboration between Jhonlin and Bayan Resources can create added value for both companies and improve their fundamental performance,” Reza told Jakarta Weekly on Saturday, September 19, 2026.

The agreement comes shortly after BYAN declared force majeure due to difficulties in obtaining government approval for a revised coal production quota under the RKAB.

On September 11, 2026, Bayan announced the force majeure through the Indonesia Stock Exchange (IDX) website.

Five days later, on September 16, 2026, Jhonlin Baratama signed the CSPA to acquire 10 billion BYAN shares, representing a 30% stake, from Low Tuck Kwong and Elaine Low.

Meanwhile, the collaboration could also create supply chain and heavy equipment synergies, given Jhonlin’s position as a major coal mining developer and contractor in Kalimantan.

Bayan could gain direct access to Jhonlin Group’s mining contractor fleet, heavy equipment and land and river logistics infrastructure. This could reduce the company’s reliance on third-party contractors and potentially lower its mining cost per ton.

“For investors, this development could improve the company’s future performance and is therefore viewed positively. BYAN has a very healthy balance sheet with a very low net debt ratio, meaning that Jhonlin’s new ownership stake would not add debt burdens to the company,” Reza said.