Tycoon Haji Isam acquires 21.12% stake in PACK

By Romel S. Gurky

Indonesian businessman Andi Syamsuddin Arsyad, widely known as Haji Isam, has officially become a shareholder of IDX-listed PT Abadi Nusantara Hijau Investama Tbk (IDX: PACK) after acquiring a 21.12% stake in the company through a negotiated transaction on the Indonesia Stock Exchange (IDX).

According to an IDX disclosure released on Wednesday, Haji Isam purchased 6.83 billion shares in the company at Rp137 per share.

The transaction marks the entry of one of Indonesia’s prominent coal and agribusiness tycoons into the company, which has recently shifted its business focus toward the nickel mining sector.

Read also: PACK completes $168.8 million settlement for nickel mining acquisitions

Haji Isam, a businessman from Batu Licin, South Kalimantan, is the owner of the Johnlin Group, a diversified conglomerate with businesses spanning coal mining, palm oil, biodiesel, agribusiness, logistics and aviation.

Abadi Nusantara Hijau Investama has transformed from a plastic packaging manufacturer into an investment holding company focused on nickel mining following changes in ownership and strategy.

Earlier this year, the company completed a $168.78 million transaction through its subsidiaries to acquire stakes in nickel mining companies PT Karyatama Konawe Utara and PT Konutara Sejati, both located in Southeast Sulawesi.

Under the transaction, subsidiary PT Sumber Cahaya Raya acquired a 30% stake in PT Konutara Sejati for $68.7 million, while PT Adhi Prakarsa Raya acquired a 34.5% stake in PT Karyatama Konawe Utara for $100.08 million.

Editing by Reiner Simanjuntak