ICN News, Jakarta – The ownership landscape of Indonesia’s coal industry is entering a new chapter. Businessman Haji Isam, through PT Jhonlin Baratama, has signed a conditional agreement to acquire 10,000,000,500 shares of PT Bayan Resources Tbk (BYAN) from Bayan founder Dato’ Low Tuck Kwong and Elaine Low.
The agreement was formalized through a Conditional Sale and Purchase of Shares Agreement (CSPA) signed on September 16, 2026.
Based on BYAN’s total outstanding shares of 33,333,335,000, the shares covered by the transaction represent approximately 30% of Bayan Resources. Once all conditions precedent have been fulfilled and the transaction is completed, Jhonlin Baratama will hold the 10 billion shares.
However, the transaction has not yet been fully completed. The CSPA remains conditional, with completion subject to the fulfillment of a number of agreed conditions precedent.
From a 62% Rumor to a 30% Agreement
The agreement has attracted significant attention because the market had previously been shaken by reports that Haji Isam’s business group could acquire approximately 62% of BYAN.
The 62% figure was linked to the combined shareholding of Low Tuck Kwong and Elaine Low, which stood at approximately 62.25%. Low Tuck Kwong held around 40.25%, while Elaine Low held approximately 22%.
However, the latest officially disclosed agreement shows that the shares covered by the CSPA amount to only 10,000,000,500 shares, or approximately 30% of BYAN.
Therefore, the latest agreement is different from the earlier market speculation regarding a 62% takeover.
What has changed is its status: what was previously a market rumor has now become a formally signed conditional share purchase agreement.
How Much Is the Acquisition Worth?
This is now one of the biggest questions in the market.
As of the latest disclosure, Bayan Resources has not disclosed the purchase price per share or the total transaction value agreed between Jhonlin Baratama, Low Tuck Kwong and Elaine Low.
If the market price is used purely as an illustration, the 10 billion shares could be valued at approximately Rp115 trillion. However, this figure does not represent the official transaction value.
The Rp115 trillion figure should therefore be understood only as an estimated market value, rather than the agreed purchase price between the buyer and sellers.
This makes the actual transaction value one of the key pieces of information that the market will be watching closely.
Jhonlin Baratama, Not JARR
Another notable aspect of the transaction is the entity being used as the acquisition vehicle.
The BYAN shares are being acquired through PT Jhonlin Baratama, rather than PT Jhonlin Agro Raya Tbk (JARR).
Previously, when speculation about the BYAN acquisition emerged, the market linked the potential transaction to JARR. The latest disclosure, however, makes clear that Jhonlin Baratama is the entity that signed the CSPA with Low Tuck Kwong and Elaine Low.
The move indicates that the 30% BYAN transaction is being undertaken through Jhonlin Baratama, while JARR remains Jhonlin’s publicly listed entity with businesses including agribusiness.
Deal Comes Amid BYAN’s RKAB Challenges
The transaction is also taking place at a highly significant moment.
Several days before the CSPA was announced, Bayan Resources disclosed a force majeure situation related to its coal supply obligations. The issue was connected to the pending approval of the revised 2026 RKAB (Work Plan and Budget) for several production activities.
Three Bayan subsidiaries—PT Tiwa Abadi, PT Tanur Jaya, and PT Fajar Sakti Prima—had previously issued force majeure notices to customers after the situation affected their ability to fulfill coal delivery obligations.
However, the situation has since developed further.
On September 18, 2026, reports emerged that RKAB approvals for BYAN and two of its subsidiaries had been issued. The development subsequently attracted market attention and was followed by a sharp increase in BYAN’s share price during Friday trading.
The RKAB issue has therefore entered a new phase and should no longer be viewed solely from the perspective of the earlier force majeure situation.
BYAN Shares Respond Strongly
The market responded strongly to the developments.
During trading on September 18, 2026, BYAN shares were reported to have surged approximately 19.96% to Rp13,825 per share during the first session.
The movement came amid two major developments: the disclosure of the CSPA between Jhonlin Baratama and BYAN’s major shareholders, as well as reports regarding the issuance of the RKAB approvals.
However, the movement in the share price represents the market’s response and should not automatically be interpreted as reflecting the value of the acquisition transaction.
What Does Jhonlin’s Entry Mean for BYAN?
Once completed, Jhonlin Baratama will hold approximately 30% of Bayan Resources.
This will further strengthen Jhonlin’s position in Indonesia’s coal mining sector.
Bayan is one of Indonesia’s major coal producers. In 2025, the company’s coal production was reported at approximately 68 million tonnes.
Meanwhile, Jhonlin has built a diversified business ecosystem covering mining, logistics, shipping, infrastructure and agribusiness.
The BYAN transaction is therefore more than simply a large-scale transfer of share ownership. It also adds a new dimension to the ownership landscape and business networks within Indonesia’s coal industry.
Major Questions Remain
Although the CSPA has been signed, several issues will remain closely watched by the market.
First, when all conditions precedent will be fulfilled and the share transfer will actually be completed.
Second, what the actual purchase price will be as agreed between Jhonlin Baratama, Low Tuck Kwong and Elaine Low.
Third, how BYAN’s ownership structure will look after completion, considering that Low Tuck Kwong and Elaine Low previously held approximately 62.25% of the company collectively.
And finally, whether the 30% transaction represents the final step or part of a broader strategy in the future. At present, however, there has been no official announcement providing a basis to conclude that further transactions will take place.
For now, one fact has been clearly established: Jhonlin Baratama has signed a CSPA to acquire 10,000,000,500 BYAN shares, representing approximately 30% of the company, while the transaction value remains undisclosed.
What was once only a major market rumor has now become a formally signed conditional agreement.
Haji Isam is indeed entering Bayan Resources. And a new chapter in Indonesia’s coal industry landscape is beginning.
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