Latest BYAN Shareholder List: Has Haji Isam Entered Yet?
Entrepreneur Andi Syamsudin Arsyad, alias Haji Isam, has not yet been recorded in the list of shareholders of PT Bayan Resources Tbk (BYAN). This was evident from the Monthly Report of Securities Holder Registration (LBRE) for BYAN as of the end of September 2026, submitted to the stock exchange on 5 October 2026.
In the report, neither the name of Haji Isam nor PT Jhonlin Baratama—the company rumoured to be the buyer of BYAN shares—is present. The composition of shareholders holding more than 5% remains unchanged compared to the previous month. The total recorded shares for BYAN amount to 33,333,350,000 shares.
The shareholder composition of BYAN as of the end of September 2026 is as follows:
Dato’ Low Tuck Kwong: 13,416,921,870 shares (40.251%)
Elaine Low: 7,333,833,700 shares (22.002%)
PT Sumber Suryadana: 3,333,380,000 shares (10%)
Lim Chai Hock (Director): 1,087,150,000 shares (3.261%)
Jenny Quantero (Director): 994,975,000 shares (2.985%)
Low Yi Ngo: 62,364,800 shares (0.187%)
Ulina Fitriani (Director): 5,000,000 shares (0.015%)
Alastair G.C. McLeod (Director): 3,290,500 shares (0.01%)
Public shareholders below 5%: 7,096,416,630 shares (21.289%)
Treasury shares: 0
Dato’ Low Tuck Kwong is also recorded as the beneficial owner and the individual-level controller of BYAN.
The only change in ownership within the board of directors involves Alastair G.C. McLeod. His holdings decreased from 4,000,000 shares (0.012%) to 3,290,500 shares (0.01%), a reduction of 709,500 shares. The report does not explain the reason for this decrease.
Public shares below 5% (free float) increased from 7,095,707,130 shares to 7,096,416,630 shares, an increase of 709,500 shares, exactly matching the decrease in McLeod’s holdings. The free float percentage remains at 21.29%.
The number of shareholder clients with Single Investor Identification (SID) surged by 65%, from 4,939 to 8,187, representing an increase of 3,248 investors.
Acquisition Background
The absence of Haji Isam’s name aligns with the explanation provided by BYAN management in an information disclosure to the Indonesia Stock Exchange (BEI) cited on 28 September 2020. In that disclosure, the company detailed the positions of Dato’ Low Tuck Kwong and Elaine Low regarding the conditional share purchase agreement conducted by Haji Isam through PT Jhonlin Baratama. The transaction object involves 10,000,000,500 BYAN shares, equivalent to 30% of all placed and fully paid shares.
If the transaction is completed, Dato’ Low Tuck Kwong’s ownership will become 6,951,170,541 shares (approximately 20.853%), while Elaine Low’s will become 3,799,584,529 shares (approximately 11.399%). Management stated that Dato’ Low Tuck Kwong will remain the major shareholder and controller of the company.
Management claimed they only became aware of the transaction plan after receiving a letter from Dato’ Low Tuck Kwong and Elaine Low stating that both had signed a conditional share purchase agreement. Negotiations were conducted entirely by the sellers without the involvement of the directors and commissioners, except for Dato’ Low Tuck Kwong, who also serves as the President Director.
Management noted they have not yet been informed of the transaction value, the pricing basis, conditions precedent, the target completion date, or the possibility of the transaction being cancelled. The company also has no plans to change the composition of the board of directors or commissioners, and has not received information from PT Jhonlin Baratama regarding the management plan for the company once the transaction is finalised.
As there is no change in control, the company stated there are no additional obligations under capital market regulations. Management emphasised that BYAN and all its subsidiaries will continue their primary business activities in coal mining.