Haji Isam Affiliated Companies Pledge JARR And PGUN Shares, With Market Value Reaching Rp73 Trillion

The share pledges come amid the acquisition of Bayan Resources shares by a company affiliated with Haji Isam. However, the value of the Bank Mandiri credit facility associated with the pledges has not been disclosed.

ICN News, Jakarta — The pledging of shares in two publicly listed companies affiliated with Indonesian businessman Andi Syamsuddin Arsyad, widely known as Haji Isam, has drawn attention in financial markets. Shares in PT Jhonlin Agro Raya Tbk (JARR) and PT Pradiksi Gunatama Tbk (PGUN) were pledged to PT Bank Mandiri (Persero) Tbk as collateral for credit facilities extended to affiliated parties.

Based on estimates using the closing share prices on October 8, 2026, the combined market value of the pledged JARR and PGUN shares reached approximately Rp73 trillion. This figure represents the market value of the shares, not the amount of credit extended by Bank Mandiri. The actual value of the credit facilities has not been publicly disclosed.

Controlling Shareholders Pledge Their Entire Holdings

At JARR, PT Eshan Agro Sentosa, the company’s controlling shareholder, pledged 7,997,556,204 shares approximately 7.998 billion shares to Bank Mandiri. This represents its entire shareholding in JARR.

At PGUN, three major shareholders PT Araya Agro Lestari, PT Citra Agro Raya, and PT Baramega Citra Mulia Persada, pledged a combined total of approximately 5.30 billion shares. These entities are controlling shareholders affiliated with Haji Isam’s business group.

The following table presents the estimated market value of the pledged shares based on the October 8, 2026 closing prices.

Estimated Market Value of Pledged JARR and PGUN Shares

Source: Mirae Asset Sekuritas Indonesia analyst estimates based on the closing share prices on October 8, 2026.

The substantial market value of the collateral makes the transaction noteworthy. However, the market value of pledged shares can fluctuate with stock prices. Therefore, the Rp73 trillion valuation should not be equated with the value of the credit facilities or the amount of outstanding debt.

Linked to the Bayan Resources Share Acquisition

The share pledges have attracted attention because they occurred amid the acquisition of shares in PT Bayan Resources Tbk (BYAN), a coal company controlled by businessman Low Tuck Kwong. PT Jhonlin Baratama, a company affiliated with Haji Isam, completed the acquisition of approximately 30.25% of BYAN’s shares on October 7, 2026. The transaction was estimated to be worth Rp26.1 trillion.

Mirae Asset Sekuritas Indonesia analysts noted that, if the credit facility were assumed to be equivalent to the estimated acquisition value, the market value of the pledged JARR and PGUN shares would be approximately 2.8 times the assumed credit amount. This is an analytical estimate based on an assumption, not confirmation that the entire BYAN acquisition was financed through a Bank Mandiri credit facility secured by these shares.

Accordingly, the relationship between the JARR and PGUN share pledges and the financing of the BYAN acquisition should be interpreted cautiously. Available reports indicate that the shares were pledged to secure credit facilities for affiliated parties, but the full details of the credit amounts and the use of the funds have not been publicly disclosed.

PGUN Says It Did Not Receive the Credit Funds

An important distinction in this transaction is the difference between a listed company whose shares are pledged and the party that receives the credit facility. According to reports on the transaction, PGUN stated that the company did not take out the credit in question, did not provide a corporate guarantee, and did not receive funds from the credit facility. The pledges were made by shareholders using shares they personally or corporately owned.

This means that the pledging of shares owned by shareholders does not automatically make PGUN itself the borrower or recipient of the loan proceeds. Similarly, a share pledge does not by itself change corporate control; the consequences depend on the terms of the collateral arrangement and whether the pledged shares are eventually enforced.

Risks to Watch

From a financing perspective, shares used as collateral carry market risk because their prices can fluctuate. A substantial decline in share prices would reduce the market value of the collateral and could weaken its coverage of the credit obligations.

Mirae Asset Sekuritas Indonesia analysts highlighted that the loan-to-value (LTV) ratio could rise if share prices fall. Under a scenario discussed by the analysts, the LTV could reach approximately 65% using the lowest share prices over a 90-day period as the reference. This is a risk scenario, not a confirmed figure for Bank Mandiri’s actual credit exposure.

Liquidity is another important consideration. Shares that are difficult to trade in large volumes may take longer to sell if the collateral must be enforced. Market conditions at the time of enforcement could also affect the proceeds ultimately recovered from the sale.

Awaiting Further Disclosure

The JARR and PGUN share pledges, with an estimated combined market value of Rp73 trillion, demonstrate the substantial share assets being used as collateral for credit facilities involving affiliated parties. However, the figure should not be interpreted as Haji Isam’s personal debt or as the amount lent by Bank Mandiri.

Key details that remain to be clarified include the actual value of the credit facilities, the financing structure, and the direct relationship between those facilities and the acquisition of the 30.25% stake in BYAN. Such information would help investors and the public assess the transaction based on verified facts.

For players in the mining industry and investors, the development serves as a reminder that large-scale acquisitions should be assessed not only by the value of the shares purchased, but also by the financing structure, collateral quality, and risks arising from market price movements.

Muslim M. Amin, Editor in Chief

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