Mass Acquisitions of Listed Companies in September: Is Haji Isam the Largest?
Acquisition activities continue to colour the Indonesian capital market through September 2026. A number of listed companies are currently processing transactions across various sectors, ranging from coal mining, hospitals, and energy to digital services.
Transaction values vary widely, from hundreds of billions to tens of trillions of rupiah. These corporate actions are being undertaken to expand business lines, increase asset ownership, and strengthen control over target companies. Some transactions have entered the conditional agreement stage, while others are awaiting the completion of due diligence, shareholder approval, and the fulfilment of other requirements.
Here is a list of listed company acquisitions still in progress as of September 2026:
- FORU Enters Coal Mining Business
PT Fortune Indonesia Tbk. (FORU) is continuing the process of acquiring a 49% stake in PT Borneo Prima, a company operating in the coal mining sector. This move is part of a capital increase plan through rights issue with a maximum value of Rp2.71 trillion. The rights issue process has entered the implementation and trading period as of late September 2026. Under this scheme, FORU’s controlling shareholder, IMR Asia Holding Pte. Ltd., will contribute 49% of Borneo Prima shares as an inbreng (contribution in kind) valued at approximately Rp20.82 trillion. Once the transaction is complete, FORU will hold a 49% stake in Borneo Prima. Meanwhile, the funds obtained from the rights issue in cash will be provided as loans to Borneo Prima to support working capital, operational, and mining production needs. However, IMR Asia Holding will remain the controller of Borneo Prima after the transaction is finalised.
- SILO Acquires 14 Hospital Owner Companies, Five Already Completed
PT Siloam International Hospitals Tbk. (SILO) has begun realising its plan to acquire 14 companies owning hospital assets from a subsidiary of First Real Estate Investment Trust (First REIT). The acquisition plan is divided into two stages. The first stage includes eight companies with a value of approximately Rp5.12 trillion, while the second stage includes six companies with an estimated value of Rp3.88 trillion. As of 24 September 2026, SILO and its subsidiaries have completed the takeover of 100% of the shares of five target companies in the first stage, with a total transaction value of approximately Rp3.47 trillion. These five companies are owners of Siloam hospital properties in Palembang, Purwakarta, Bali, Lippo Village, and Kebon Jeruk. Consequently, the remaining three companies in the first stage have not yet been included in the realised acquisitions.
- Jhonlin, Owned by Haji Isam, Targets 30% Stake in BYAN
PT Jhonlin Baratama, part of the Jhonlin Group owned by Haji Isam, is in the process of acquiring approximately 30% of the shares of PT Bayan Resources Tbk. (BYAN) from Low Tuck Kwong and Elaine Low. The plan was formalised in a Conditional Share Purchase Agreement signed on 16 September 2026. Jhonlin intends to acquire 10,000,000,500 shares of BYAN, equivalent to about 30% of the company’s total shares. Although the initial agreement has been signed, the transaction is still awaiting the fulfilment of several preliminary conditions. The transaction value has not yet been announced to the public. Upon completion, Low Tuck Kwong is expected to still hold approximately 20.85% of BYAN shares, while Elaine Low will hold approximately 11.40%. According to company information, Low Tuck Kwong will remain the main shareholder and controller of BYAN after the transaction is finalised. If realised, Jhonlin will become one of the major shareholders of Bayan Resources, increasing the exposure of Haji Isam’s business group in the coal sector.
- VISI Acquires 72.91% Stake in Hasna Medika
PT Satu Visi Putra Tbk. (VISI) is preparing to acquire a 72.91% stake in PT Hasna Medika Bakti Cirebon (HMBC) with a transaction value of approximately Rp286 billion. The plan was outlined in a Conditional Share Subscription Agreement (CSSA) and a Conditional Shares Sale and Purchase Agreement (CPLSA) signed on 20 August 2026. In this transaction, VISI will take part in new shares of HMBC while also purchasing a portion of shares from existing shareholders. If completed, VISI will become the majority shareholder of HMBC, a company operating in the healthcare sector through hospitals and clinics with a focus on cardiac services. This acquisition will simultaneously expand VISI’s business lines, which previously focused on the distribution of digital printing raw materials, into the healthcare sector.
- PIPA Expands Oil and Gas Business via Aztech Acquisition
PT Oxala Energy International Tbk. (PIPA) is processing the acquisition of a 75% stake in PT Aztech Pandu Persada as part of its expansion into the energy and oil and gas sectors. The plan was formalised in a Conditional Share Purchase Agreement (CSPA) signed on 7 September 2026 between PIPA as the prospective buyer and Riki Rinaldi Idham as the seller. The transaction value is still indicative and will only be determined after the due diligence process is complete. The payment scheme remains open, ranging from the issuance of new shares and debt instruments to other mechanisms agreed upon by the parties. “At this stage, the transaction value is still indicative,” said PIPA Corporate Secretary Haerul Maelani in a statement. Completion of the transaction is targeted within six months of the CSPA signing. However, the process remains dependent on several conditions, including approval from an Extraordinary General Meeting of Shareholders (EGMS) and compliance with capital market regulations.
- WINR Increases Target Ownership of LGA from 60% to 90%
PT Winner Nusantara Jaya Tbk. (WINR) has expanded its plan to acquire PT Laxo Global Akses (LGA), raising its target ownership from the previous 60% to 90%. This change was agreed upon through an addendum to the acquisition agreement signed on 2 September 2026. Currently, WINR has…