OJK Responds to Rumours of Bayan-Haji Isam Transactions Occurring Below Market Price
Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) has spoken out regarding capital market transaction mechanisms following market rumours concerning transactions of PT Bayan Resources Tbk (BYAN) shares by PT Jhonlin Baratama, owned by Haji Isam, at values reportedly far below market prices.
OJK Executive Head of Capital Market, Derivatives, and Carbon Exchange Supervision, Hasan Fawzi, emphasised that transaction mechanisms on the Indonesia Stock Exchange (IDX) are governed by adequate regulations. According to him, there are several transaction mechanisms available to market participants depending on their needs and transaction characteristics.
Hasan explained that in the regular market, share prices are formed based on transactions conducted by many parties anonymously. In this mechanism, the resulting price reflects the market agreement between sellers and buyers meeting through the exchange’s trading system.
On the other hand, there is a negotiated market that allows for bilateral transactions with different characteristics from the regular market. In this market, parties can negotiate prices according to their agreement, provided they follow applicable provisions.
“What was mentioned earlier is that if there are more specific transactions that are highly bilateral, there is another market or board, namely the negotiated market, with characteristics and criteria that also allow for specific price negotiations,” said Hasan when met at the IDX Building, Jakarta, on Friday (25/09/2026).
He added that all transactions conducted in the regular market, cash market, or negotiated market must still refer to the applicable exchange rules and regulations. Supervision of these transactions is conducted by the IDX in coordination with the OJK.
Furthermore, the President Director of the IDX, Jeffrey Hendrik, stated that there are currently no specific restrictions regarding transaction prices conducted in the negotiated market. He also mentioned that existing regulations do not yet mandate the disclosure of transaction values in the negotiated market.
Nevertheless, Jeffrey revealed that the IDX is currently studying the possibility of implementing price limits in the negotiated market. This study is being conducted as part of the capital market transformation and was discussed long before the rumours regarding the BYAN share transactions emerged.
“However, we have also received a lot of input from participants that the negotiated market may also need regulation regarding its price limits. This is currently being studied internally to regulate the price boundaries in the negotiated market,” said Jeffrey.
According to him, the input regarding the need for price limits in the negotiated market comes from various domestic and global market participants. This proposal is one of several recommendations received by the IDX in its efforts to develop the Indonesian capital market.
Previously, according to information disclosure, Low Tuck Kwong and Elaine Low signed a Conditional Sale and Purchase of Shares Agreement with PT Jhoncal Baratama on 16 September 2026. The agreement includes a plan to transfer 10,000,000,500 ordinary shares of BYAN, or approximately 30% of the company’s total outstanding shares.
Rumours are also circulating in the market that Haji Isam is offering US$3 billion to acquire approximately 62% of BYAN shares. Assuming an exchange rate of Rp17,700 per US dollar, this value is equivalent to approximately Rp53.1 trillion.
By comparison, the BYAN share price at the close of trading on Thursday (17/09/2026) was at the level of Rp11,525 per share. Thus, the current market price of BYAN is far above the indicative price appearing in the rumours.
Nevertheless, in the information disclosure provided by the company, the transaction remains conditional. Completion is still dependent on the fulfilment of several precedent conditions agreed upon by the parties.