Three BYAN Subsidiaries Receive Additional Coal Production Quota of 15–20 Million Tons
ICN News, Jakarta – Minister of Energy and Mineral Resources Bahlil Lahadalia has denied any connection between the approval of the 2026 revised Work Plan and Budget (RKAB) for three subsidiaries of PT Bayan Resources Tbk (BYAN) and the planned transfer of shares to the business group of Haji Isam.
Bahlil made the statement on September 22, 2026, emphasizing that the RKAB approval process was carried out based on applicable procedures and requirements, while the share transaction was a separate business-to-business (B2B) matter.
The statement came after public attention focused on the timing of the revised RKAB approval, which occurred close to the planned transfer of BYAN shares to PT Jhonlin Baratama, a company affiliated with Haji Isam’s business group.
Three Bayan Subsidiaries Receive Additional Quota
The Ministry of Energy and Mineral Resources has approved the 2026 revised RKAB for three Bayan subsidiaries: PT Tiwa Abadi, PT Tanur Jaya, and PT Fajar Sakti Prima.
Director General of Mineral and Coal Tri Winarno said the additional production quota for the three companies was approximately 15–20 million tons of coal in total. The approval was granted after the companies fulfilled the required documents and regulatory requirements.
The revised RKAB approval is significant for Bayan because the three subsidiaries had previously faced difficulties in fulfilling coal supply obligations to customers.
On September 11, 2026, the three companies issued force majeure notices to customers regarding their coal supply obligations. The situation occurred because approval for the 2026 RKAB revisions had not yet been issued.
For mining companies, the RKAB serves as an important regulatory basis for conducting production activities according to the volume approved by the government. Therefore, delays in RKAB approval can affect a company’s ability to fulfill coal supply commitments under existing Coal Supply Agreements.
Coincides with Planned Transfer of 30% BYAN Shares
Amid the RKAB issue, a major development also took place at Bayan’s shareholder level.
On September 16, 2026, BYAN’s controlling shareholders Low Tuck Kwong and Elaine Low signed a Conditional Sale and Purchase of Shares Agreement (CSPA) with PT Jhonlin Baratama.
The agreement covers the planned transfer of 10,000,000,500 BYAN shares, equivalent to approximately 30% of the company’s outstanding shares.
However, the transaction remains subject to the fulfillment of several conditions precedent. Therefore, the transaction should currently be viewed as a planned share transfer under the CSPA and not yet as a fully completed change in ownership.
Director General of Mineral and Coal Tri Winarno also stated that any change in shareholding is subject to its own mechanism and requires the approval of the Minister of Energy and Mineral Resources.
According to the government, the RKAB approval process and the change in share ownership are two separate matters.
ICN NEWS: Two Developments Happened Close Together
According to data from Indonesian Coal & Nickel News (ICN NEWS), the sequence of events has attracted considerable attention within the coal industry because the developments occurred within a relatively short period.
First, three Bayan subsidiaries faced delays in obtaining approval for their revised 2026 RKAB, which subsequently resulted in force majeure notices. Second, on September 16, the CSPA was signed between BYAN’s controlling shareholders and PT Jhonlin Baratama for the planned transfer of approximately 30% of BYAN shares.
The revised RKAB was subsequently approved, providing the three subsidiaries with an additional production quota of approximately 15–20 million tons of coal.
Nevertheless, based on statements from Bahlil Lahadalia and the Directorate General of Mineral and Coal, the issuance of the revised RKAB was not related to the planned transfer of BYAN shares to Haji Isam’s business group.
The government has stated that the RKAB approval was processed based on the applicable mining regulations and the fulfillment of the required conditions.
The next developments will depend on two separate processes. On the operational side, Bayan and its subsidiaries are expected to follow up on the RKAB approval and normalize their coal supply obligations to customers. Meanwhile, on the corporate side, the planned transfer of approximately 30% of BYAN shares to PT Jhonlin Baratama remains subject to the fulfillment of transaction conditions and the necessary regulatory approvals.
Thus, the RKAB approval and the BYAN share transaction are two developments that occurred around the same period, but according to the government, they are separate processes with no causal relationship.
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