Shares of Indonesia's Richest Man's Company Plummet 4.9% Amid Haji Isam's Acquisition Bid

The share price of PT Bayan Resources TKB (BYAN) fell by 4.9% during Thursday’s trading on 10 September 2026. This decline in the coal mining stock occurred amidst news of a planned acquisition of a 62% stake in BYAN by businessman Andi Syamsuddin Arsyad, popularly known as Haji Isam.

The Kalimantan-based entrepreneur is reportedly making an offer to acquire approximately 62% of the shares owned by Indonesia’s richest person, Low Tuck Kwong. According to a Bloomberg report on Wednesday (9/9/2026), an entity controlled by Haji Isam has offered approximately US$3 billion in cash to take over the majority stake in Bayan Resources.

Assuming an exchange rate of Rp 17,500 per US dollar, the value of the offer is equivalent to approximately Rp 52.5 trillion. The shares targeted in the offer are primarily owned by billionaire Low Tuck Kwong and his daughter, Elaine Low. Low Tuck Kwong holds about 40% of Bayan Resources, while his daughter holds approximately 22%.

Low Tuck Kwong was Indonesia’s wealthiest individual as of September 2026. According to Forbes calculations, his wealth reached US$18.8 billion (approximately Rp 329.13 trillion), derived from coal businesses through PT Bayan Resources Tbk.

Several sources familiar with the discussions stated that negotiations are ongoing, requesting anonymity as the transaction discussions are private. There is no certainty yet that the transaction will be realised. If all parties agree to the proposed terms, the transaction could potentially be completed before the end of 2026.

The emergence of this news acted as negative sentiment for BYAN’s share price. In Thursday’s trading (10/9), BYAN shares closed at Rp 13,100, dropping 675 points or 4.90% daily. This follows a period where BYAN shares had accumulated an 8.94% gain over the last 30 trading days.

Compared to the market value of Bayan Resources, Haji Isam’s offer appears significantly lower. Bayan Resources has a market capitalisation of approximately US$26 billion. Based on this value, a 62% stake would theoretically be worth around US$16.12 billion at market price. However, Haji Isam’s offer is only about US$3 billion, meaning the offer reflects a discount of approximately 80% compared to the market value. This implies an implicit valuation for Bayan Resources of around US$4.84 billion.

However, the discrepancy between the offer price and market capitalisation does not necessarily mean the shares will change hands at market prices. Bloomberg noted that the majority stake held by the Low family could potentially be sold at a large discount because the public float of BYAN is relatively limited, making trading relatively thin.

Prices formed in the regular market do not necessarily reflect the price obtainable by shareholders in large-scale private block trades. Beyond ownership structure, the long-term prospects of thermal coal are also a consideration, as the commodity faces pressure from the energy transition towards cleaner sources. The Indonesian coal industry is also facing production restrictions, with the government cutting production quotas for several mining companies to support coal prices. Bayan Resources is said to be significantly affected by this policy, whereas competitors such as PT Bumi Resources Tbk (BUMI) and PT Adaro Andalan Indonesia Tbk (AADI) are relatively less impacted.

Bloomberg sources indicated that payment for the transaction may not be made all at once, with potential staggered payments based on agreements between both parties. Haji Isam is also said to potentially secure funding from Indonesian state-owned banks. Nevertheless, discussions are ongoing and there is no guarantee an agreement will be reached. Representatives for Haji Isam, Bayan Resources, and the Low family have not yet commented on the news.

Previously, Bayan Resources submitted a disclosure to the Indonesia Stock Exchange (IDX) regarding the acquisition rumours. Management stated that the company was unaware of any plan for a takeover or acquisition of approximately 62.2% of the company’s shares by Haji Isam or his affiliates. The controlling shareholders, according to the company, may still consider various opportunities to maximise their investments.

Haji Isam is a Kalimantan-based entrepreneur who controls the Jhonlin Group, which also operates coal mining businesses. Jhonlin has reportedly applied for a production quota of approximately 60 million tonnes of coal to the government for 2026. If the acquisition of 62% of Bayan Resources shares is realised, Haji Isam’s position in the national coal industry would strengthen significantly, potentially making him one of the largest coal players in Indonesia and Southeast Asia.

Bayan Resources is one of Indonesia’s major coal producers, operating several port facilities and selling approximately 68 million metric tonnes of coal last year. During that period, Bayan Resources recorded revenue of approximately US$3.4 billion. With Low Tuck Kwong holding about 40% and his daughter holding about 22%, the Low family’s total ownership is around 62%, which is the portion targeted by the entity controlled by Haji Isam. As such, the acquisition news remains in the negotiation stage, and investors should monitor further disclosures from BYAN before concluding that a final agreement has been reached.