Get to Know the “9 Haji” Conglomerate: Which Companies Are Listed on the IDX?

One morning at a small dock in South Kalimantan, decades ago, a young man named Andi Syamsuddin Arsyad hauled coal in a rented truck. No one imagined that name would one day become “Haji Isam”, one of the most respected figures behind Indonesia’s mining and palm oil industries.

A similar path, with a different route, belongs to Abdul Rasyid, who started out trading timber, and to Abdussamad Sulaiman HB, who built his business from small boats on the rivers of Kalimantan. The “Haji” (Hajj) title attached to their names marks more than a pilgrimage to Mecca. It marks a life journey that turned regional entrepreneurs into national players, some of whom eventually reached the floor of the Indonesia Stock Exchange (IDX).

A Look at 9-Haji-related Stocks on the IDX

Compared to the “9 Naga”, which has long been associated with finance and property businesses in Jakarta, the “9 Haji” conglomerate has built vertically integrated conglomerate, from upstream to downstream, in resource-rich regions such as Kalimantan, Sulawesi, and North Maluku, far from the spotlight of the capital.

Back to Haji Isam. From a coal-hauling truck, his name is now tied to three issuers at once: PT Jhonlin Agro Raya Tbk. (JARR) in palm oil, PT Pradiksi Gunatama Tbk. (PGUN), and PT Dana Brata Luhur Tbk. (TEBE)—concrete proof that one person can build a business network touching multiple sectors and many investors at once.

Not far from South Kalimantan, Haji Rasyid’s story runs a parallel course. From a timber trader, he became the controller of Citra Borneo Indah Group, whose subsidiary, PT Citra Borneo Utama Tbk. (CBUT), officially listed on the IDX in 2022 as a palm oil processing player.

Haji Leman’s story takes a different turn. Abdussamad Sulaiman HB has since passed away, but the Hasnur Group he built from small river boats is now carried on by the second generation of his family, and it still trades on the exchange through PT Hasnur Internasional Shipping Tbk. (HAIS) since 2021. This also explain a regional business conglomerate’s trail doesn’t stop with one generation, but gets passed down along with its shares.

Meanwhile, the big name of Jusuf Kalla (JK) holds a plot twist of its own. Although Kalla Group is one of the largest conglomerates in Eastern Indonesia, not a single one of its subsidiaries is directly listed on the IDX. The issuer often linked to this family, PT Bukaka Teknik Utama Tbk. (BUKK), is actually controlled by Suhaeli Kalla, JK’s younger brother, as an associate entity, not a structural part of Kalla Group itself. Family ties, it turns out, don’t always match ownership ties.

Not every 9 Haji’s story ends up on the stock exchange. Some choose to stay closed, keeping their entire business as private property and never selling shares to the public.

Takeaways

Knowing the figure behind the scenes is no guarantee of profit, but it changes how a beginner investor reads risk, whether a company’s business decisions are shaped by sound corporate governance or by deference to one big name.

The big name behind a stock is still no reason to buy blindly. It’s just one piece of a much bigger fundamental analysis puzzle. If you’re researching an issuer right now, how important is it for you to know who the person or family actually in control really is?

Disclaimer: This content is created for educational purposes or service promotion, and does not constitute a recommendation to buy or sell any specific Securities. Any risks arising from investment decisions made based on the information in this publication are the sole responsibility of the respective audience. PT KAF Sekuritas Indonesia is licensed and supervised by the Financial Services Authority (Otoritas Jasa Keuangan / OJK).