Andi Syamsuddin Secures 30.25% Stake in BYAN at Discount
Andi Syamsuddin secures 30.25% of BYAN at a 76.5% negotiated market discount, executing one of Indonesia's largest ownership transfers valued at Rp24 trillion.
Jhonlin Baratama emerges as BYAN's largest individual shareholder, the Low family's combined 32% stake retains marginal collective primacy over the company's governance.
By Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra
October 9 2026, at 16:30 GMT+7
PT Jhonlin Baratama, the investment vehicle of Indonesian conglomerate Andi Syamsuddin Arsyad known as Haji Isam, formally expanded the acquisition of PT Bayan Resources Tbk (BYAN) shares following an amendment to the Conditional Share Purchase Agreement (CSPA) originally signed on Wednesday (09/16) with Low Tuck Kwong and Elaine Low.
Read More: Sinar Mas Takes Control of KETR Through 35% Acquisition The amended agreement increased the total number of shares to be acquired to 10.084 billion shares, representing approximately 30.25% of BYAN's total outstanding shares.
The transaction was executed through the Indonesia Stock Exchange's negotiated market on Wednesday (10/07), with 10.08 billion shares changing hands across three sequential transactions at a price of Rp2,588 per share, bringing the total transaction value to approximately Rp24 trillion. BYAN management confirmed that the amended agreement carries no material negative impact on the company's financial position or operational continuity.
Andi Syamsyudin and Low Tuck Kwong| Source: CNBC Indonesia The negotiated market transaction attracted significant investor attention due to the substantial discount at which the shares were transferred. The transaction price represented a discount of 76.5% relative to BYAN's regular market closing price of Rp13,450 on Tuesday (10/06). Read more: Suahasil Replaces Purbaya as Indonesia's Minister of Finance From a valuation perspective, the transaction price implies an annualised P/E ratio of 6.1 times, lower than BYAN's regular market P/E of 29.75 times, the deal reflects a substantial valuation discount relative to prevailing market levels.
Following the negotiated market transaction, BYAN's share price on the regular market fell 6.13% to Rp12,625 during the first trading session, and the stock has declined more than 19.75% year-to-date. The transaction also contributed to downward pressure on the Indonesia Composite Index (IHSG), which closed the first session down 0.551% at 6,158.78.
Haji Isam Deepens Acquisition of BYAN Shares | Source: Bloomberg Technoz Upon completion of the transaction and fulfilment of all conditions precedent, PT Jhonlin Baratama is positioned to become the single largest individual shareholder of BYAN with a 30.25% stake. The acquisition fundamentally reshapes the company's ownership structure, as Low Tuck Kwong's shareholding is projected to decline from approximately 40.25% to around 20.69%, while Elaine Low's stake is expected to fall from 22% to approximately 11.31%.
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However, on a combined basis, the Low family's aggregate holding of approximately 32% would still marginally exceed Jhonlin Baratama's 30.25%, preserving the Low family's collective influence over the company.
The transaction represents one of the largest ownership transfers in Indonesia's capital market history, with broader implications for BYAN's corporate governance and future strategic direction under a substantially reconfigured shareholder landscape.
Sources: Bloomberg Technoz
CNBC Indonesia
IDNFinancial
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