Company Directors Engage in Active Share Trading Throughout September
A number of directors and members of the board of commissioners of listed companies were recorded actively trading the shares of the companies they manage throughout September 2026.
Based on reports of changes in share ownership submitted through the Indonesia Stock Exchange (IDX), several company executives increased their holdings for investment purposes. Conversely, a number of other directors and commissioners engaged in divestment.
Within the group of buyers, the largest transaction value was recorded by the Commissioner of PT Bukalapak.com Tbk (BUKA), Adi Wardhana Sariaatmadja. Meanwhile, the largest selling activity originated from the board of directors of PT AKR Corporindo Tbk (AKRA).
Directors and Commissioners Buying Shares
Overall, eight executives from seven listed companies were recorded purchasing shares with a combined value of nearly Rp100 billion between 1–15 September 2026.
Adi Wardhana was the largest buyer, accumulating 635 million BUKA shares at a price of Rp124 per share. The transaction on 4 September 2026 had a value of reaching Rp78.74 billion. Following the purchase, Adi’s total ownership in BUKA increased to 1.5328%.
Repeated accumulation was also carried out by the President Commissioner and controller of PT Saratoga Investama Sedaya Tbk (SRTG), Edwin Soeryadjaya. Between 2–11 September 2026, Edwin purchased approximately 5.74 million SRTG shares within a price range of Rp1,798–Rp1,845 per share. The total transaction value is estimated to reach Rp10.43 billion, increasing his ownership to approximately 35.93%.
In addition to BUKA and SRTG, share purchases in PT Aman Agrindo Tbk (GULA) were also quite significant. The Commissioner of GULA, Irsyad Hanif, purchased 20 million shares at a price of Rp364 per share. The transaction, valued at Rp7.28 billion, increased his ownership from 7.05% to 8.92%.
Directors and Commissioners Selling Shares
On the other hand, several company executives chose to reduce their shareholdings. The total value of share sales by this group is estimated to reach approximately Rp12.57 billion.
The largest selling action was carried out by four directors of AKRA: Jimmy Tandyo, Bambang Soetiono, Nery Polim, and Mery Sofi. Collectively, the four released approximately 6.32 million AKRA shares with a value of reaching Rp9.27 billion. Jimmy Tandyo was the largest seller; between 2–8 September 2026, Jimmy released approximately 4.62 million AKRA shares with a total value of Rp6.75 billion. Following the transaction, his ownership in AKRA decreased to approximately 0.259%.
In addition to the AKRA directors, the President Director of PT Paperocks Indonesia Tbk (PPRI), Irsyad Hanif, also sold 14.88 million shares valued at Rp2.78 billion.
Transactions by Temmy Iskandar in JARR also drew significant attention. Temmy previously purchased 11,000 JARR shares on 28 August 2026 at a price of Rp3,310 per share. Only a few days later, he sold all those shares on 2 September 2026 at a price of Rp3,340 per share. Following the transaction, his ownership in JARR returned to zero.
Could This Be a Signal for Investors?
Share transactions by directors and commissioners are often used by investors as one of the indicators to read the internal confidence of a company regarding its business prospects. Repeated purchases using personal funds and with material value, as seen in BUKA, SRTG, and GULA, can provide positive sentiment. However, such transactions do not automatically guarantee an increase in share prices.
The same applies to share sales. Divestment by directors does not always indicate that the company’s prospects are worsening. Sales may be conducted for asset diversification, personal liquidity needs, or other financial purposes. Investors still need to compare the transaction value with the initial ownership of the parties involved, the market capitalisation of the issuers, company fundamentals, valuation, share liquidity, and the transaction purposes stated in public disclosures.