PT Bank Mandiri Tbk (BMRI) has provided a Rp40 trillion credit facility to PT Jhonlin Baratama, the investment vehicle of businessman Andi Syamsuddin Arsyad, known as Haji Isam, with Rp17 trillion already used (26/10).

The financing supports capital expenditure, business development, and funding requirements for Jhonlin Baratama and its business group in the coal industry and related sectors.

Bank Mandiri Provides Rp40 Trillion Credit Facility to Jhonlin Baratama

According to Bank Mandiri’s public disclosure, the bank considered the company’s business prospects, financial performance, repayment capacity, and ability to finance part of its own needs when providing the credit facility.

“Bank provided the credit facility by considering business prospects, financial performance, and repayment capacity, while also taking into account the debtor’s self-financing capacity,” Bank Mandiri said in its disclosure on October 26, 2026.

Bank Mandiri, a state-owned bank under BPI Danantara, assesses Jhonlin Baratama’s repayment capacity based on cash flow from its existing coal businesses within the Jhonlin Group.

The bank stated that the main source of repayment would be operating income from the company and several subsidiaries capable of distributing dividends. These sources are limited to coal businesses owned by the borrower and its business group.

Coal Operations and Collateral Secure the Credit Facility

The credit facility is secured by fixed and non-fixed assets, including shares in JARR and PGUN, which are affiliated with PT Jhonlin Baratama.

Bank Mandiri stated that the total collateral coverage ratio remained at 150% when calculated using the lowest intraday share prices of JARR and PGUN over the preceding month.

“By taking into account the lowest intraday prices of JARR and PGUN shares over the past month, the total collateral coverage ratio remained at 150%,” the bank said in its disclosure.

Assets pledged as collateral, excluding shares, were assessed by an independent public appraisal firm, known as a Kantor Jasa Penilai Publik (KJPP), in accordance with its expertise and applicable regulations.

Regarding PGUN shares, Bank Mandiri said it had considered ownership concentration risk by conducting sensitivity tests on share-price volatility when assessing the adequacy of the loan collateral.

The credit facility comes amid Haji Isam’s acquisition of a substantial stake in PT Bayan Resources Tbk (BYAN).

Haji Isam Acquires 30.25% Stake in Bayan Resources

On October 7, 2026, Low Tuck Kwong and his daughter, Elaine Low, transferred BYAN shares to Haji Isam through a negotiated market transaction.

Low Tuck Kwong transferred 10,067,421,703 ordinary shares, while Elaine Low sold 16,666,667 ordinary shares to Haji Isam.

Through his investment vehicle, PT Jhonlin Baratama, Haji Isam acquired approximately 10.08 billion BYAN shares, representing 30.25% of Bayan Resources’ issued and paid-up capital.

Bayan Resources’ management confirmed that the transaction had been completed. In a disclosure dated October 9, 2026, the company stated that it had received notifications from Low Tuck Kwong and Elaine Low, dated October 8, confirming completion of the transaction under the relevant share sale agreement.

Low Tuck Kwong Sells BYAN Shares for Rp26.09 Trillion

According to the disclosure, Low Tuck Kwong and Elaine Low sold their BYAN shares at Rp2,588 per share shortly after trading opened on October 7, 2026.

The transaction price was 80.76% below BYAN’s opening price of Rp13,450 per share on the same day. The sale gave Haji Isam a 30.25% stake in Bayan Resources for approximately Rp26.09 trillion.

Following the transaction, Low Tuck Kwong’s remaining ownership fell to approximately 3.31 billion shares, equivalent to 9.95% of BYAN’s outstanding shares.

Elaine Low retained approximately 7.35 billion ordinary shares, representing around 22.05% of the company’s issued and paid-up capital.

PHOTO: BANK MANDIRI

This article was created with AI assistance.

We make every effort to ensure the accuracy of our content, some information may be incorrect or outdated. Please let us know of any corrections at [email protected].