Insider Snaps Up Rp1.39 Billion in MDKA Shares — Bullish Signal or Red Flag for the Public?
JAKARTA — Commissioner of PT Merdeka Copper Gold Tbk (MDKA), Andrew Phillip Starkey, increased his shareholding in the company through two transactions carried out on 9 and 12 February 2026. The corporate action drew market attention as it was executed whilst the share price was on an upward trajectory.
On 9 February 2026, Andrew purchased 150,000 MDKA shares at Rp3,060 per share, with the transaction valued at approximately Rp459 million.
On the same day, MDKA shares traded within a range of Rp2,900 to Rp3,070 per share, closing at Rp3,040 — placing Andrew’s purchase price near the daily high.
The second purchase was made on 12 February 2026 with a larger volume. He acquired 300,000 shares at Rp3,113 per share, with a transaction value of approximately Rp933.9 million.
On that date, MDKA shares moved within a range of Rp3,180 to Rp3,280 per share, closing at Rp3,190, meaning Andrew’s purchase price was below the prevailing market price.
Andrew stated that the purpose of the transactions was for investment. The move has been interpreted as a signal of insider confidence in the long-term prospects of the mining company.
Following the transactions, Andrew’s shareholding rose to 3.73 million shares, equivalent to 0.015 per cent of voting rights in the company. Previously, he held approximately 3.28 million shares, or 0.014 per cent of voting rights. The increase in ownership demonstrates a growing commitment to the company.
On Friday, 13 February 2026, MDKA shares closed at Rp3,220 per share, up 0.94 per cent from the previous day. Over the last five trading days, MDKA shares recorded a gain of 11.03 per cent. The rise reflects positive sentiment towards the metals mining sector amid sustained strong global demand.
Share purchases by commissioners are frequently read by the market as an indicator of management confidence in a company’s fundamentals. In the context of the Indonesian capital market, such moves often spark interest among retail investors to monitor the related share price movements.
Amid global economic volatility and commodity price dynamics, insider investment activity sends an important signal about perceived company value. It also illustrates how the mining sector remains a backbone of the resource-based economy.