Bayan Executive Sells Shares for Substantial Value
PT Bayan Resources Tbk (BYAN) has announced that its Director and Chief Financial Officer, Alastair Gordon Christopher McLeod, has divested a substantial portion of his shareholdings.
According to disclosures from the Indonesia Stock Exchange (IDX), McLeod sold 524,300 units of the mining company’s shares at a price of Rp13,373 per share. The transaction was executed on 22 September 2026, with the purpose explicitly stated as a sale of shares. The total value of this share sale reached Rp7,011,463,900, or approximately Rp7.01 billion.
The report also noted that there are 3,290,500 outstanding units of Equity-Linked Securities (EBE) with an execution deadline of 22 September 2026. Following this transaction, his ownership in BYAN decreased from 3.81 million shares to 3.92 million shares [Note: Source text contains a numerical discrepancy regarding the increase/decrease logic, translated as per source].
Previously, on 21 September 2026, McLeod sold 185,200 units of BYAN shares at Rp13,352 per share. This direct sale did not involve a Repurchase Agreement scheme. With that transaction, McLeod’s holdings decreased from 4,000,000 units to 3,814,800 units. However, his voting rights in the company remained unchanged at 0.01% both before and after the transaction.
McLeod has served as a Director of PT Bayan Resources Tbk since 18 March 2008. A British national, he has a professional background as an accountant in several UK accounting firms and previously served as the Country Head of Corporate Restructuring at KPMG from 1997 to 2004. He also served as a Non-Executive Director at Kangaroo Resources Limited from 2012 to 2014.
Regarding his education, McLeod earned a Scottish Higher National Diploma in accounting from Napier College, Edinburgh, in 1987, and became a member of the Institute of Chartered Accountants of Scotland in 1991. In his report, he stated that he has no affiliation with other members of the board of directors, the board of commissioners, or the company’s major and controlling shareholders.
This share sale by McLeod comes amid ongoing rumours regarding a planned transfer of BYAN shares to the Haji Isam business group, which have been circulating since August 2026. These rumours previously triggered a surge in BYAN’s share price, which rose 18.75% to Rp17,100 on 18 August 2026, with market capitalisation briefly reaching Rp496.55 trillion, despite denials from BYAN management and affiliated entity PT Jhonlin Agro Raya Tbk (JARR).
Speculation regarding a re-acquisition strengthened in mid-September 2026. Based on public disclosures, Low Tuck Kwong and his daughter Elaine Low signed a Conditional Share Purchase Agreement with PT Jhonlin Baratama on 16 September 2026. This agreement involves the planned transfer of approximately 10 billion BYAN shares, equivalent to 30% of the company’s total outstanding shares. This news once again boosted BYAN’s shares, which jumped 19.96% to Rp13,825 per share following the announcement, although the company emphasised that the transaction remains conditional and subject to several preliminary requirements.