# Haji Isam acquisition of Bayan Resources > Live situation record from CLSTR: https://clstr.news/situations/haji-isam-acquisition-of-bayan-resources > Updated: 2026-10-08T05:49:16.000Z. Sources: 5. Developments: 2. Businessman Andi Syamsudin Arsyad, known as Haji Isam, has moved to acquire a 30 percent stake, or 10 billion shares, in the coal mining company Bayan Resources Tbk (BYAN). Initial reports indicated significant uncertainty regarding the acquisition cost, with analysts noting a wide discrepancy between a potential Rp126.4 trillion valuation based on recent average prices and a much lower valuation of approximately Rp25.4 trillion suggested by previous transaction data. During this period, BYAN stock experienced a decline of 9.71 percent. Subsequent developments confirmed the transaction is valued at approximately Rp26.1 trillion. To fund the acquisition and secure credit facilities from PT Bank Mandiri (Persero) Tbk, Haji Isam’s controlling entities pledged shares from PT Jhonlin Agro Raya Tbk. (JARR) and PT Pradiksi Gunatama Tbk. (PGUN). While management stated the pledge does not result in a change of control or share dilution, the move led to a 4.56 percent decline in JARR shares. ## Timeline ### 2026-10-08: Haji Isam pledges JARR and PGUN shares for Bayan Resources acquisition Haji Isam has pledged shares of JARR and PGUN to Bank Mandiri to fund a Rp26.1 trillion acquisition of Bayan Resources, causing JARR stock to drop 4.56%. 3 sources. https://clstr.news/cluster/haji-isam-pledges-jarr-and-pgun-shares-for-bayan-resources-acquisition ### 2026-09-21: Bayan Resources faces potential 30% stake acquisition by Haji Isam Bayan Resources faces a major ownership shift as Haji Isam seeks to acquire 30 percent of the company, amid significant dividend payouts to founder Low Tuck Kwong and director share sales. 3 sources. https://clstr.news/cluster/bayan-resources-faces-potential-30-stake-acquisition-by-haji-isam --- Cite as: Haji Isam acquisition of Bayan Resources. CLSTR, https://clstr.news/situations/haji-isam-acquisition-of-bayan-resources