Low Conglomerate Tuck Kwong, Owner Of Assets Of Rp135 Trillion After A Little Share In Bayan Resources A Value Of Rp6.10 Billion

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

JAKARTA - Low Tuck Kwong conglomerate released a number of shares in his coal company, PT Bayan Resources Tbk (BYAN). This is the second divestment transaction in question during September 2022.

In BYAN's disclosure of information on the Indonesia Stock Exchange (IDX), quoted on Friday, September 23, Low Tuck Kwong sold 203,500 shares at a price of Rp. 30,000 per share. This was published by BYAN management on Wednesday, September 21.

As for this sale, Low pocketed Rp6.10 billion. And from this divestment, its share ownership in BYAN is still 61 percent, but it fell from 2,033,453,187 shares to 2,033,249,687 shares.

Previously, Low Tuck Kwong also divested BYAN shares on September 13, 2022, as many as 400,000 shares at a price of Rp. 10,000 per share, or earned Rp. 4 billion. At that time, his share ownership fell from 61.02 percent to 61 percent.

Regarding financial performance, BYAN also reported a net profit of 970.76 million US dollars or equivalent to Rp. 14.41 trillion in the first semester of 2022. The net profit shot up 188 percent compared to the same period last year of 382.5 million US dollars.

The net profit was achieved from an increase in revenue nearly double from US$1.02 billion in the first semester of 2021 to US$2 billion in the first semester of 2022.

For information, Low Tuck Kwong is the third richest person in Indonesia with a assets of 9 billion US dollars, according to Forbes Real Time Billionaires data as of Thursday, September 22. Kwong only lost to the boss of the Djarum Group, Michael and Budi Hartono with a wealth of 22.3 billion US dollars and 23.2 billion US dollars, respectively.