Haji Isam Reportedly Bids US$ 3 Billion for 62% Stake in Bayan (BYAN)
The discourse regarding the acquisition of PT Bayan Resources Tbk (BYAN) by tycoon Andi Syamsuddin Arsyad, alias Haji Isam, is resurfacing. Haji Isam has reportedly submitted an offer of approximately US$ 3 billion to acquire a 62% stake in BYAN.
According to a Bloomberg report on Wednesday (9/9/2026), the offer was made through an entity controlled by Haji Isam to BYAN’s majority shareholders, Low Tuck Kwong and his daughter, Elaine.
If realised, the offer value would reflect a discount of approximately 80% from BYAN’s current market value. For context, BYAN’s market capitalisation is in the region of US$ 26 billion.
One consideration cited as the rationale behind this price offer is the limited proportion of public shares in BYAN. The relatively thin trading liquidity also means that the market price may not necessarily reflect the transaction value for large-scale deals.
On the other hand, the coal industry is currently facing several challenges. The long-term prospects for thermal coal are under pressure due to the transition towards cleaner energy, compounded by Indonesian government policies regarding production restrictions.
Discussions between Haji Isam and the Low family are ongoing. However, as of now, there is no certainty whether the transaction will result in a definitive share purchase agreement for BYAN.
Should the transaction be realised, this move would strengthen Haji Isam’s position in the coal business. The Jhonlin Group conglomerate, which he controls, already operates large-scale coal mining businesses in Indonesia.
Jhonlin previously applied for a coal production quota of approximately 60 million tonnes to the government for this year. With the acquisition of BYAN, the scale of Haji Isam’s coal business has the potential to expand further.
The plan emerges at a time when national coal producers are facing pressure from production quota policies. The government has reduced quotas for several mining companies to maintain supply balance and encourage coal price improvements.
Notably, BYAN is said to be one of the producers significantly affected by such policies. Meanwhile, competitors such as PT Bumi Resources Tbk (BUMI) and PT Adaro Andalan Indonesia Tbk (AADI) have been relatively less impacted.
In terms of funding, the transaction is said to potentially involve financing from state-owned banks. If negotiations proceed smoothly, the acquisition deal could potentially be finalised before the end of the year.