Conglomerate Low Tuck Kwong Distributes IDR 15.59 Billion to Buy Bayan Resources' Shares

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

JAKARTA - Conglomerate Low Tuck Kwong has increased its share ownership in PT Bayan Resources Tbk (BYAN). The founder and major shareholder of the coal mining company poured in funds of around IDR 15.59 billion in this action.

Quoted from the disclosure of information on the official website of the Indonesia Stock Exchange (IDX), Tuesday, March 2, Low Tuck Kwong bought 1,206,400 BYAN shares. Dato Low Tuck Kwong bought BYAN shares worth IDR 12,927.48 per share, which was traded on February 26, 2021.

Share ownership status is direct. From this transaction, Low Tuck Kwong's ownership in BYAN also increased from 1,822,103,430 shares to 1,823,309,830 or 54.7 percent of the total shares of Bayan Resources.

BYAN's shares on today's trading at 14.05 WIB, were at IDR 13,500 per share, unchanged from the previous trade. Throughout the year 2021, BYAN's share price has decreased by 12.76 percent.

BYAN's market capitalization in the market currently reaches IDR45 trillion. Low Tuck Kwong is a Kalimantan coal tycoon who founded Bayan Resources.

Quoting Forbes, Low Tuck Kwong's wealth reached 1.1 billion US dollars or IDR 15.4 trillion (exchange rate of IDR 14,000 per US dollar) as of March 2, 2021. He was also included in the ranks of the 50 richest people in Indonesia, where Low Tuck Kwong fill the position of the 25 richest people in the country.