Indonesia’s Bayan shares soar after 30% stake sold to Prabowo-linked tycoon

Deal comes as production quota uncertainty clouds coal miner's outlook Bayan Resources' coal mines in East Kalimantan. The Indonesian company's shares soared 20% on Sept. 18 after it announced a planned sale of 30% of the stock to a politically well-connected tycoon. (Screenshot from Bayan Resources's website) JAKARTA — Shares in Indonesian coal miner Bayan Resources surged to their daily upper limit on Friday after the company announced that Jhonlin Baratama, a company owned by politically connected tycoon Andi Syamsuddin Arsyad, had agreed to acquire a 30% stake.

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