Economy

Haji Isam Acquires 30.25% of Bayan Resources Shares for Rp26.1…

Stateline MEDIA Newsroom•October 16, 2026•4 min read

PT Jhonlin Baratama, a company owned by businessman Andi Syamsuddin Arsyad, also known as Haji Isam, has officially completed the acquisition of a 30.25% stake in PT Bayan Resources Tbk (BYAN) worth Rp26.1 trillion. Bayan Resources management emphasized that Low Tuck Kwong remains the controlling shareholder and that business plans are unchanged.

Key Facts

PT Jhonlin Baratama, owned by Haji Isam, completed the purchase of 10,084,088,370 shares of PT Bayan Resources Tbk (BYAN), equivalent to 30.25% of the company's issued and paid-up capital.
The transaction price was Rp2,588 per share, bringing the total value to around Rp26.10 trillion; the shares were purchased from Low Tuck Kwong (10.067 billion shares) and Elaine Low (16.67 million shares).
The transaction was executed through a Conditional Share Purchase Agreement (PJBS) and completed on October 7, 2026; official clarification from BYAN management to the BEI was submitted on October 12, 2026.
The price of Rp2,588 per share represents a discount of around 76.5% from BYAN's market price, which closed at Rp11,300 on October 14, 2026.
BYAN management affirmed that Low Tuck Kwong remains the company's controlling shareholder (he holds 9.25% of the shares plus Elaine Low's 21.95%), and there have been no changes to business plans or discussions regarding synergies with Jhonlin Baratama.
Separately, rumors circulating on social media regarding the acquisition of BCA by Haji Isam have been denied by BCA and are now being monitored by OJK; OJK emphasized that any change in bank control will be assessed based on compliance and governance.

Rp26.1 Trillion Transaction to Be Completed on October 7, 2026

PT Jhonlin Baratama, a company linked to businessman H. Andi Syamsudin Arsyad, or Haji Isam, has officially completed the purchase of 10.08 billion shares of PT Bayan Resources Tbk (IDX: BYAN). Following the transaction, Jhonlin Baratama controls a 30.25% stake in the coal mining company.

The completion of the transaction was disclosed by Bayan Resources in a response letter to PT Bursa Efek Indonesia (BEI) dated October 12, 2026. The letter, signed by Bayan Resources Directors Jenny Quantero and Alastair McLeod, was a response to the exchange's request for clarification regarding the transfer of BYAN shares to Jhonlin Baratama.

The transaction began with the signing of a conditional share purchase agreement (PJBS) between Low Tuck Kwong and Elaine Low as sellers and PT Jhonlin Baratama as buyer. In an information disclosure on October 6, 2026, the number of shares subject to the transaction was recorded at 10,084,088,370 shares, up from the initial plan of 10,000,000,500 shares.

Buys BYAN Shares at a 76.5% Discount to Market Price

Based on the share ownership reports of both parties, the transaction price was recorded at Rp2.588 per share. With 10,084 billion shares transferred, the transaction value is equivalent to approximately Rp26,10 trillion.

That figure means Haji Isam received a discount of about 76.5% from the market price. For comparison, BYAN shares closed at Rp11,300 at the end of trading on Wednesday (10/14/2026). Interestingly, Low Tuck Kwong instead bought up 500 thousand BYAN shares at the market price of Rp11,200 on October 13, 2026, worth around Rp5.6 billion.

On the other hand, prior to the share transfer in the negotiated market on October 7, Low Tuck Kwong had also sold 33.33 million shares at Rp11,025 on October 6, 2026, according to IDNFinancials records.

Low Tuck Kwong Remains in Control, Business Unchanged

Although Jhonlin Baratama's ownership reaches 30.25%, Bayan Resources management emphasized that the transaction does not result in a change of company control. Low Tuck Kwong remains listed as the controller despite holding only 9.25% of the shares, supported by Elaine Low, who still owns 21.95% of BYAN shares.

Bayan also stated that it was not a party to the share sale and purchase transaction, and therefore could not confirm the transaction terms, pricing considerations, and the substance of the agreement between the seller and the buyer.

Regarding the potential synergy between Bayan Resources and Jhonlin Baratama, the company stated that there have been no discussions between the two parties. As of the issuance of the response letter, there are no changes to capital expenditure, investment, expansion, or business diversification plans.

OJK Monitors BCA Acquisition Issue

Haji Isam's name has also been dragged into rumors of an acquisition of Bank Central Asia (BCA) circulating on social media. BCA has denied the reports. EVP Corporate Communication BCA Hera F Haryn emphasized that the information is not true, and PT Dwimuria Investama Andalan remains the majority shareholder of BCA with 54.94%.

Otoritas Jasa Keuangan (OJK) stated that it is monitoring the issue. OJK emphasized that the stability of the national banking industry remains supported by adequate capital and liquidity, and that any change in bank control will be assessed based on regulatory compliance, governance, and its implications for financial system stability.

Separately, Haji Isam group's palm oil issuer, PT Pradiksi Gunatama Tbk (PGUN), confirmed that its operations and production continue to run normally amid the forest and land fires hitting Kalimantan. All of PGUN's production is allocated for the biodiesel (FAME) needs of its affiliate, PT Jhonlin Agro Raya Tbk (JARR).