KONTAN.CO.ID - JAKARTA. An entity controlled by Indonesian tycoon Andi Syamsuddin Arsyad, who is also known as Haji Isam, has offered about $3 billion in cash for a 62% stake in coal miner Bayan Resources (BYAN), Bloomberg News reported on Wednesday, citing people familiar with the matter.

The offer values Jakarta-based Bayan at a fraction of its market value and is for a stake held mainly by billionaire Low Tuck Kwong and his daughter Elaine, the report said.

Bayan Resources corporate secretary Jenny Quantero did not immediately respond to Reuters' request for confirmation.

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Last month, in response to media reports about a possible acquisition, Bayan said in a stock exchange filing that it was not aware of any acquisition plan by Haji Isam, but its controlling shareholders had said "they may from time to time consider various opportunities to maximize their investment in the company".