Tycoon Haji Isam Boosts Bayan Stake Purchase to 10.08 Billion Shares

JAKARTA, Investortrust.id — South Kalimantan mining magnate Samsudin Andi Arsyad, popularly known as Haji Isam, has expanded the volume of shares he is set to acquire in thermal coal producer PT Bayan Resources Tbk (BYAN) from the family of founder Dato' Low Tuck Kwong.

Under an amendment to the Conditional Sale and Purchase Agreement (CSPA), the total volume of BYAN shares to be transferred to Haji Isam has risen to 10,084,088,370 shares from the previously agreed 10,000,000,500 shares. Dato' Low Tuck Kwong and his daughter Elaine Low formally executed the amended purchase pact alongside the buyer on Oct. 1, 2026.

The per-share purchase price for the multi-billion-share transaction has not yet been publicly disclosed.

The expansion of the deal cements Haji Isam’s position as a major strategic force within one of Southeast Asia's most profitable, low-cost thermal coal platforms. Securing more than 10.08 billion shares ensures his corporate vehicle commands a decisive equity foothold exceeding 30% of Bayan's 33.33 billion total shares outstanding, marking one of the most substantial ownership reconfigurations in Indonesia’s natural resource sector this year.

Transaction Adjustment and Closing Conditions

The amendment explicitly updates the total tally of ordinary shares slated for delivery to the buyer. With this latest revision, Haji Isam will absorb an additional 84.08 million shares over the original terms signed on Sept. 16, 2026, through his operating unit PT Jhonlin Baratama.

Final closing and share settlement remain subject to the satisfaction of standard regulatory and contractual conditions precedent.

Prior to the transaction, Elaine Low held approximately 7.33 billion shares, or roughly 22% of total shares outstanding, registered via customer fund accounts at Deutsche Bank AG. Founder and President Director Low Tuck Kwong controlled 13.41 billion shares, or about 40.25% of the company's issued equity.

Management of Bayan Resources previously reiterated to capital market regulators that the transfer of equity will not generate any material negative impact capable of disrupting corporate operations, legal standing, financial health, or business continuity.