Tycoon Haji Isam Inks Deal to Buy 30% Stake in Coal Giant Bayan Resources

JAKARTA, Investortrust.id — South Kalimantan mining magnate Andi Syamsuddin Arsyad, widely known across Indonesia's resources sector as Haji Isam, has reached a conditional agreement to acquire a massive 30% stake in PT Bayan Resources Tbk (BYAN).

The transaction executes through Isam's flagship enterprise, PT Jhonlin Baratama, which entered into a Conditional Sale and Purchase of Shares Agreement with Bayan’s controlling figures on Wednesday, Sept. 16, 2026.

Bayan Resources ranks as one of Southeast Asia’s most valuable thermal coal miners, and the entry of Haji Isam as a major strategic shareholder signals a major realignment of power among Indonesia’s resource barons. By locking in a 30% foothold, Isam dramatically expands his commercial sway from regional mining operations into a globally integrated logistics and export titan.

Low Family Divests 10 Billion Shares

According to an official regulatory disclosure released by Bayan Resources on Thursday, Sept. 17, 2026, the conditional agreement was executed directly by Bayan Resources President Director Dato' Dr. Low Tuck Kwong alongside his youngest daughter, Elaine Low.

The agreement covers the proposed transfer of 10,000,000,500 (ten billion five hundred) ordinary shares to buyer PT Jhonlin Baratama.

The volume corresponds to approximately 30% of Bayan's total 33.33 billion shares outstanding.

Data from market registry RTI reveals that prior to the transfer pact, Elaine Low held 7.33 billion shares, or roughly 22% of total shares, held via customer fund accounts at Deutsche Bank AG.

Meanwhile, Low Tuck Kwong held 13.41 billion shares, representing approximately 40.25% of the miner's issued capital.

Closing Terms and Corporate Impact

In a formal filing submitted to the Financial Services Authority (OJK) and capital market regulators, Bayan management underscored that the final transfer of ownership remains subject to conditions precedent.

"The completion of the transaction is subject to the fulfillment of several conditions precedent," Bayan Resources Director Jenny Quantero stated in the regulatory filing on Thursday, Sept. 17, 2026.

Quantero added that once all closing prerequisites are met, Jhonlin Baratama will officially hold the 10,000,000,500 ordinary shares.

The company stated that the high-profile ownership realignment will not create adverse operational or fiscal setbacks for the miner.

Management emphasized that the transaction carries no negative material impact capable of disrupting the company's daily operations, legal standing, consolidated financial condition, or business continuity.