Low Tuck Kwong Donated 22 Percent Of Bayan's Shares (BYAN) To His Son

Shares of spinach (photo: intermediate)

JAKARTA - The owner of PT Bayan Resources Tbk (BYAN) as well as one of the richest people in Indonesia Dato 'Low Tuck Kwong transferred part of his shares to his son Elaine Low. The shares transferred were 7,333,333,700 shares or 22 percent.

Quoted from the disclosure of information on the Indonesia Stock Exchange (IDX), Friday, August 30, this transaction was motivated by family relations, which Low Tuck Kwong donated shares to his son with the aim of a long-term family succession.

"This transaction is motivated by the family relationship between parents and children, of which the main shareholder and controller of the Company, namely Dato' Low Tuck Kwong as the father, wants to transfer (acquire) some of his shares to his ananya named Elaine Low with the aim of planning the family's long-term succession," said Bayan Resources Corporate Secretary Jenny Quantero.

Low Tuck Kwong as the party that transferred his shares to 7,333,333,700 shares or 22 percent to his son Elaine Low.

"With the transfer of shares, the number of Dato' Low Tuck Kwong's share ownership changed from 20,716,816,570 shares to 13,383,482,870 shares or from 62,15045 percent to 40,15045 percent. However, Dato' Low Tuck Kwong remains the main shareholder and controller of the company because Elaine Low will use all of her voting rights on all of her shares according to Dato' Low Tuck Kwong's wishes," he explained.

Jenny said this transaction had no impact on the company's operational activities, financial conditions and business continuity. He also added that currently there is no information or other important facts that could affect the price of the company's securities.

"The company currently does not have information/facts/other important events that are material and can affect the price of the value of the company's securities and the survival of the company which has not been disclosed to the public. The company will submit incident reports if there is information or material facts that need to be known to the public," he said.

BYAN is the third largest coal mining company in Indonesia after PT Adaro Energy Tbk (ADRO) and PT Bumi Resources Tbk (BUMI).

BYAN manages coal mining concessions in East Kalimantan and South Kalimantan. The company owned by one of the richest people in Indonesia, Low Tuck Kwong, produces 38.9 million tons of coal throughout 2022.