The Money Doesn’t Run Out, This RI Tycoon Buys Coal Stocks

Jakarta, CNBC Indonesia – Owner and President Director of PT Bayan Resources Tbk (BYAN), Low Tuck Kwong, increased his ownership in the company by 0.01% to 55.15% from 55.14% previously.

Low is one of the richest people in Indonesia, with a current record net worth according to Forbes Billionaires of US$ 2.1 billion or equivalent to Rp. 30 trillion (exchange rate of Rp. 14,300/US$).

The share purchase transaction was carried out in the period 8-14 October with a purchase value of Rp 6.77 billion.

Based on information disclosure released by the company, Low Tuck Kwong bought 235,900 BYAN shares at a price of Rp 28,706.26/share. The purpose of this purchase is for investment with direct ownership status by him.

Apart from him, Bayan’s other shareholders are PT Sumber Suryadana Prima with 10%, Engki Wibowo with 5.96% and the public with 28.91%.

Today, Friday (15/10/2021) BYAN’s shares closed at Rp 28,350/share with a 0.18% lower position at the close of trading. Foreigners recorded net sales of Rp 1.24 billion.

Year to date, this stock has gained 83.10% while in the last month it has risen 87.44%.

Low Tuck Kwong is one of the richest men in Indonesia and controls one of the largest coal ‘kingdoms’ in the country.

He was the third richest person in Indonesia in 2012, with a total wealth of US$ 3.6 billion at that time, a drastic increase from US$ 1.2 billion in March 2010.

Apart from BYAN, he also owns shares in other coal companies, namely PT Samindo Resources Tbk (MYOH) which has a market capitalization of Rp 3.93 trillion. Its total share ownership in this issuer reaches 14.18%.

[Gambas:Video CNBC]

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