PT Bank Central Asia Tbk (BBCA) shares saw a negotiation market transaction of 114 juta shares valued at Rp6,210 each on September 28, 2026, which market participants quickly linked to rumors of an acquisition by Indonesian businessman Andi Syamsuddin Arsyad, widely known as Haji Isam, as reported by IDX Channel.
Analysts deny corporate takeover after share crossing
The negotiation market transaction involved 114 juta BBCA shares executed through a single security, PT CGS International Sekuritas Indonesia, using broker code YU. According to IDX Channel, analysts evaluated the crossing of shares as insufficient evidence to confirm an actual corporate takeover. Both BCA management and Jhonlin Group previously denied the existence of any such acquisition plans. The rumors gained traction on social media, mirroring earlier online speculation surrounding Haji Isam’s acquisition of PT Bayan Resources Tbk (BYAN), according to CNBC Indonesia.
CNBC Indonesia reported that Hera F. Haryn, EVP of Corporate Communication & Social Responsibility at BCA, explicitly rejected the validity of the rumors. “In response to rumors circulating on social media regarding plans for certain corporate actions against BCA, we can convey that this information is NOT TRUE,” she stated in an official release, urging the public to rely exclusively on official company channels and credible news outlets.
BBCA shares trade at 2.8x Price to Book Value
Bloomberg Technoz outlined the valuation metrics for Indonesia’s largest private bank by assets, noting that BBCA shares trade at a Price to Book Value (PBV) of 2.8x and a Price to Earnings Ratio (PER) of 12.5x, with a market capitalization of Rp748,89 triliun at a share price of Rp6,075.
Data from Bloomberg cited by Bloomberg Technoz shows that PT Dwimuria Investama Andalan remained the majority shareholder and controller of BBCA as of October 1, 2026, holding 54.94% or 67.729.950.000 shares on behalf of the Hartono family. Institutional investors also held significant minority stakes below 5%, including Fidelity Management and Research Co with 2.88%, Vanguard Group Inc with 2.81%, and BlackRock Inc with 1.71%.
Analyst Perspectives on Feasibility
Political and legal observer Muslim Arbi stated that Haji Isam possesses the financial capacity and cross-sector business networks through Jhonlin Group to enter the banking sector, noting that BCA functions as a public company whose ownership structure can shift through capital market mechanisms, as reported by Lapan6Online. Arbi suggested that large-scale acquisitions do not require purely personal cash funds, pointing to potential alternative financing structures such as internal capital, consortiums, or strategic partnerships.
Despite these observations regarding general corporate expansion capabilities, financial analysts emphasized that the recent crossing of shares in the negotiation market does not signal an active acquisition process by the Kalimantan-based businessman.
Hartono family holds controlling stake in Bank Central Asia
Who are the majority shareholders of Bank Central Asia?
PT Dwimuria Investama Andalan, the investment holding company owned by the Hartono family, holds a controlling stake of 54.94% in BBCA, equivalent to 67.729.950,000 shares as of October 1, 2026, according to data cited by Bloomberg Technoz.
How did BCA management respond to the acquisition rumors?
Hera F. Haryn, EVP Corporate Communication & Social Responsibility at BCA, issued a statement on behalf of the bank declaring that the rumors circulating on social media regarding a corporate takeover were entirely untrue and urged stakeholders to consult official company disclosures.
What was the specific transaction that triggered the market speculation?
IDX Channel reported that a crossing transaction of 114 juta BBCA shares took place in the negotiation market on September 28, 2026, at a price of Rp6,210 per share through PT CGS International Sekuritas Indonesia.