Indonesia's richest person Low Tuck Kwong to sell 30% of coal miner
Indonesian billionaire Low Tuck Kwong and his daughter Elaine Low have signed a conditional agreement to sell a 30% stake in coal miner Bayan Resources.
Indonesia's wealthiest individual, Low Tuck Kwong, is planning to sell a 30% stake in his coal mining company, Bayan, according to Forbes. The prospective buyer is Andi Syamsuddin Arsyad, widely recognized as Haji Isam. Forbes reported that Arsyad intends to purchase approximately half of Low's 62% stake in Bayan.
Bayan, a Jakarta-listed coal miner, has declared force majeure on its coal supply contracts due to the Indonesian government's failure to approve the company's revised mining quotas. Bayan operates the country's largest coal mine, Tabang/Pakar, but has not disclosed financial specifics or a target completion date for the transaction.
Arsyad has reportedly made an offer to buy Low's entire controlling interest in Bayan for $3 billion, which would value the company at just $4.8 billion. This price is substantially lower than the company's $22 billion market capitalization. Arsyad, who is a close ally of Indonesia's President Prabowo Subianto, is seeking control of Bayan in a deal that would position him among the world's leading coal producers.
Arsyad's PT Jhonlin Group is already a significant coal producer and has sought a government quota to produce around 60 million tons of coal this year. The group also has investments in palm oil and logistics. Born in Singapore and naturalized as an Indonesian citizen in 1992, Low is currently the richest person in the country, with a net worth of $19 billion, as per Forbes' real-time data.
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