Bayan Resources CFO Sells Shares Amidst Potential Acquisition by Haji Isam

Alastair Gordon Christopher McLeod, the Director and Chief Financial Officer of PT Bayan Resources Tbk (BYAN), has reported the sale of a portion of his shares in the company. The transaction was reported to the Financial Services Authority (OJK) on 22 September 2026, amid ongoing speculation regarding the takeover of BYAN shares by businessman Andi Syamsuddin Arsyad, also known as Haji Isam.

According to the Report on Ownership or Any Change in Share Ownership of Public Companies submitted in accordance with POJK Number 4/2024, McLeod sold 185,200 units of BYAN shares on 21 September 2026 at a price of Rp13,352 per share. This direct sale transaction did not involve a Repurchase Agreement scheme.

Following the transaction, McLeod’s shareholding in BYAN 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 background as a professional accountant at several accounting firms in the UK 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.

McLeod’s share sale comes amidst a series of reports regarding the planned transfer of BYAN shares to Haji Isam’s business group, which has been circulating since August 2026. This issue previously triggered a surge in BYAN’s share price, which rose 18.75% to the level of Rp17,100 on 18 August 2026, with market capitalisation briefly reaching Rp496.55 trillion, even though BYAN management and the Haji Isam-affiliated issuer, PT Jhonlin Agro Raya Tbk (JARR), denied knowledge of the planned transaction at that time.

Rumours of the acquisition strengthened again in mid-September 2026. Based on information disclosure, Low Tuck Kwong and his daughter Elaine Low signed a Conditional Share Purchase Agreement with PT Jhonlin Baratama on 16 September 2026, which includes the planned transfer of approximately 10 billion BYAN shares, or the equivalent of 30% of the company’s total outstanding shares. This news once again boosted BYAN’s shares, which jumped 19.96% to the level of Rp13,825 per share following the announcement, although the company emphasised that the transaction remains conditional and its completion depends on several preceding requirements.