Singapore-born billionaire Low Tuck Kwong's Indonesian coal miner lifts force majeure after quota revision approval, 30% stake sale
Indonesia-based PT Bayan Resources has lifted the force majeure on its coal supply obligations following the approval of its subsidiaries' mining quota revisions, a week after its billionaire founder Low Tuck Kwong agreed to sell a 30% stake.
Singapore-born billionaire Low Tuck Kwong has lifted force majeure declarations by his Indonesian coal mining subsidiaries, following the approval of quota revisions, according to Mining.com. The firm, Bayan, had halted operations last Monday, when revisions had not been issued. The subsidiaries, PT Tiwa Abadi, PT Tanur Jaya and PT Fajar Sakti Prima, had been granted an additional quota of around 15-20 million metric tons.
Bayan's management, including Low, did not disclose details of the 30% stake sale agreement, which was inked days after the force majeure declaration. When asked about the speculation regarding the connection between the permit delay and the stake sale, Energy and Mineral Resources Ministry director general Tri Winarno stated that the delay was solely due to the need to complete documentation and meet administrative requirements.
Low, who became an Indonesian citizen in 1992, is currently the richest individual in Indonesia, with a net worth estimated at $17.2 billion by Forbes.
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