Coal Company Owned By Low Tuck Kwong Extends IDR 252 Billion Loan Facility From QNB Indonesia

Conglomerate Low Tuck Kwong. (Photo: Doc. Forbes)

JAKARTA - PT Bayan Resources Tbk (BYAN) received an extension of its bank loan facility on Friday, March 12 last week. The bank is PT Bank QNB Indonesia Tbk (BKSW)

Dato Low Tuck Kwong, who is also the President Director of Bayan Resources, said that his party had signed an addendum for the foreign exchange transaction facility agreement amounting to USD 17.5 million or IDR 252 billion. This agreement was previously signed by BYAN with PT Bank QNB Indonesia on December 19, 2019.

"The term of the foreign exchange transaction facility is extended by one year starting from December 20, 2020, to December 20, 2021", Low Tuck Kwong said, quoted from the disclosure of information on the Indonesia Stock Exchange website, Wednesday, March 17.

Low Tuck Kwong, the 25th richest person in Indonesia, added that the foreign exchange transaction facility will be used for the foreign exchange transactions of Bayan Resources and its subsidiaries. He also explained that BYAN and Bank QNB Indonesia also have no affiliation.

With the extension of the term of the foreign exchange transaction facility, Bayan Resources and its subsidiaries have the ability to meet their foreign exchange transaction needs in order to smooth the operations of the coal mining company.