Profile Of The Conglomerate Low Tuck Kwong Who Becomes The Welfare In Indonesia Disrupts The Hartono Brothers Owners Of Djarum And BCA

Conglomerate Low Tuck Kwong, owner of PT Bayan Resources Tbk. (Photo: Forbes)

JAKARTA - Indonesia has a new rich man. Kay not just anyone rich. He is Low Tuck Kwong, the owner of the mining company PT Bayan Resources Tbk (BYAN) which Forbes has just destroyed as the richest person in the Republic of Indonesia.

This incision also breaks the dominance of the Hartono Brothers who have been comfortable to occupy the top position for some time.

Citing information on Monday, December 26, it was stated that Low Tuck Kwong had assets of USD 25.6 billion or approximately IDR 400 trillion (exchange rate of IDR 15,629). This number increased 1.69 percent or around 426 million dollars according to the latest records.

Low Tuck Kwong himself has a coal mining business in Kalimantan as the main business. He also has a stake in Singapore's Metis Energy and SEAX Global companies which are a pair of entities in the technology sector.

The man who was born on April 17, 1948, is often dubbed the king of coal in Indonesia, citing Tempo.co. Since the age of 20, Low has worked at his father's building construction company, David Low Yi Ngo, who is the owner and director of a construction company in Singapore. Then he tried his luck even more to move to Indonesia in 1972.

Low Tuck Kwong tried to establish PT Jaya Sumpiles Indonesia (JSI) as a contractor for land work, civil work, and marine structure. In addition, JSI became the pioneer of the construction of a pile foundation.

In 1988, JSI began to spread its wings to the coal mining business and became a leading mining contractor. Indeed Low got quite rapid developments in the contractor sector, but his source of wealth came after buying his first mine in 1997.

Quoted from spinach.com.sg, the mine was purchased through PT Gunungbayan Pratamacoal. Now better known as Bayan Resources, a company engaged as an innovator in the Indonesian coal mining industry. This company continues to look for new methodologies and technologies to become the lowest-cost producer in Indonesia.

Furthermore, Bayan Resource, which was founded by the IPO in 2008. Under its leadership, this company already has various leading infrastructures through ownership of Balikpapan coal terminal, Perkasa Pier and Wahana, as well as two Floating Transfer Barges (KFT's).

The facilities owned by Bayan Group are capable of hoarding coal and loading onto ships at speeds ranging from 3,000-8,000 tons per hour. Thus, they can provide flexibility and savings in excessive use of ships.

Until now, the mining reserve concessions reach 126,293 hectares in East and South Kalimantan. In addition, Low also holds important positions in Singapore's renewable energy company Metis Energy and has an interest in The Farrer Park Company, Samindo Resources, and Voksel Electric.

Meanwhile, his support for SEAX Global is by building an underwater submarine cable system for internet connectivity that connects Singapore, Indonesia and Malaysia. Regardless of the business side, Low has delegated funds to create the Mount Bayan Zoo.

Quoted from the Asian Tatter, the zoo was built to accommodate wild animals with exotic species evicted due to activities near its coal mining.

In addition to paying attention to the environment, he provides scholarship programs to a number of universities in Indonesia. For example, donating scholarships at the University of Indonesia at a cost of IDR 50 billion. The funds were given in the form of Education Operational Costs or abbreviated as BOPs.

Based on data from PT Kustodian Sentral Efek Indonesia (KSEI), Low Tuck Kwong's share ownership was also recorded in the cable issuer PT Voksel Electric Tbk (VOKS). As of December 7, 2022, Low Tuck Kwong held 329,331,640 shares of VOKS. This amount is equivalent to 7.93 percent of the share ownership portion in VOKS.

Furthermore, Low Tuck Kwong was also recorded narrowing the shares of coal mining services of PT Samindo Resources Tbk (MYOH). Based on data from PT KSEI, as of December 7, 2022, his shares in MYOH amounted to 14.18 percent or 312,776,250 shares.

Meanwhile, old rich man Robert Budi Hartono occupies second place with a total assets of US$22.3 billion. This figure is equivalent to Rp348 trillion with the same exchange rate. Followed by his older brother, Michael Hartono, who has assets of US$21.5 billion or Rp336 trillion.

Forbes said, Hartono Cs has a business engaged in tobacco plantations and processing. They are also known to play in the business of investment, trade, technology, and financial services industry, especially banking.

Several well-known brands affiliated with Robert and Michael Hartono include Djarum Super cigarettes, Polytron electronics, and the largest private bank in Indonesia, namely PT Bank Central Asia Tbk (BCA).