Low Tuck Kwong's Business Row, The Welfare In Indonesia Displacing The Hartono Duo

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

YOGYAKARTA Some people may want to know about Low Tuck Kwong's business line after he was named the richest person in Indonesia according to the economic magazine Forbes.

Previously, the title of the richest person in Indonesia was held by the owner of the Djarum Hartono Brothers Group.

Citing Forbes Realtime Billionaires data, Monday, December 26, 2022, Low Tuck Kwong's assets reached 25.5 billion US dollars or around Rp. 390 trillion.

Meanwhile, Budi Hartono's assets, which occupy the second position of the list of the richest people in Indonesia, amounted to 22.1 billion dollars (around Rp. 343 trillion) and Michael Hartono in third place with a total wealth of 21.3 billion dollars.

Compiled by VOI from various sources, the following is a row of Low Tuck Kwong's business, the richest man in Indonesia who overtakes the domination of the Hartono duo.

Before becoming the Forbes richest person in Indonesia, Low Tuck Kwong worked for his father, David Low Yi Ngo, who is the owner and director of a construction company in Singapore.

In 1972, Low decided to move to Indonesia and establish PT Jaya Sumampiles Indonesia (JSI) a contractor for land work, civil labor, and marine structure. In addition, JSI became the pioneer of the construction of a pile foundation or called a pile foundation, following Tempo.

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 the spinach.com.sg page, 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 producer with the lowest cost in Indonesia.

The issuer with the stock code BYAN first took the floor on the stock market (IPO) in 2008.

Bayan Resources has various leading infrastructures, such as the Balikpapan Coal Terminal, Perkasa and Wahana Pier, as well as two Floating Transfer Barges (KFTs).

The facilities owned by Bayan Group can stockpile coal and load into ships with 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.

Apart from being the founder of BYAN, the man who was born on April 17, 1948 also holds an important position in Singapore and SEAX Global, which are a pair of entities in the technology sector.

Not quite there, Low also has an interest in The Farrer Park Company, Samindo Sesources, and Voksel Electric.

Low supports SEAX Global by building an underwater cable system for internet connectivity connecting Singapore, Indonesia and Malaysia.

Not only being a coal entrepreneur, Low Tuck Kwong also handed over some of his funds to create the Mount Bayan Zoo.

Adapting Asian Tadlers, a zoo was established to accommodate wild animals with exotic species evicted due to coal mining activities.

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

Next, Low Tuck also owns shares in coal mining company PT Samindo Resources Tbk (MYOH).

Based on PT KSEI data, as of December 7, 2022, Low's shares in MYOH amounted to 14.18 percent or as many as 312,776,250 shares.

This is information about Low Tuck Kwong's business line, the richest man in Indonesia who displaced the dominance of the Hartono brothers.