This Is Crazy Rich Actually, Conglomerate Low Tuck Kwong Disburses IDR 1.29 Trillion To Buy Bayan Resources Shares

Low Tuck Kwong conglomerate. (Photo: Doc. Maris Stella High School Alumni)

JAKARTA - The boss of the coal company PT Bayan Resources Tbk (BYAN), conglomerate Dato Low Tuck Kwong has bought up his company's shares up to Rp1.29 trillion.

In the information disclosure of the Indonesia Stock Exchange (IDX), quoted on Tuesday, March 15, Low Tuck Kwong increased his share ownership by 198,707,500 (198.71 million) shares in BYAN. Low Tuck Kwong bought the shares at a price of IDR 6,488 per share, bringing the transaction value to IDR 1.29 trillion.

"The transaction date is March 15, 2022. The purpose of this transaction is for investment," said Low Tuck Kwong in his letter, Tuesday, March 15.

With this share purchase, Low Tuck Kwong's share ownership in the issuer coded BYAN increased from 55.22 percent or 1.84 billion shares, to 61.18 percent or 2.04 billion shares. Meanwhile, the Bayan Resources share transaction took place in the negotiated market, with the exercise price below the market price.

At the close of trading today, BYAN's shares rose 0.25 percent or 100 points to Rp39,400. Citing RTI data, BYAN's market capitalization reached Rp134.25 trillion with a PER valuation of 10.82 times.