Conglomerate Low Tuck Kwong Disburses IDR 3.87 Billion, Increases Shareholding In Bayan Resources

Illustration. (Photo: Pixabay)

JAKARTA - The boss of the coal company PT Bayan Resources Tbk (BYAN), conglomerate Dato Low Tuck Kwong has bought up his company's shares again, amid the company's stock price and the falling coal price.

In the company's disclosure of company information on the Indonesia Stock Exchange website, quoted on Monday, January 3, Low Tuck Kwong increased his shareholding by 145,600 shares for IDR 26,609.80 per share, or equivalent to IDR 3.87 billion.

Meanwhile, the purpose of the purchase of shares is for investment with direct share ownership status.

With this transaction, Low Tuck Kwong's share ownership also increased from 1,839,793,930 shares or 55.19 percent, to 1,839,939,530 shares or 55.20 percent of the company's total shares.

At the close of trading today, BYAN's share price was in the red zone, down 800 points or 2.96 percent to IDR 26,200 per share.

This is also related to a government regulation that limits coal exports to meet domestic needs until the end of January 2022.

Bayan Resources targets coal production to reach 50 million tons per year starting in 2022. This is in line with the completion of the haul road and barge loading facilities in 2022.