Singapore-born billionaire Low Tuck Kwong, daughter complete sale of 30.25% stake in Indonesia-based Bayan Resources to local tycoon
Bayan Resources founder Low Tuck Kwong and his daughter have sold a combined 30.25% stake in the Indonesian coal mining firm, up from the initially agreed 30%, to local tycoon Haji Isam's Jhonlin Baratama.
Singapore-born billionaire Low Tuck Kwong recently sold a 30.25% stake in Indonesia-based Bayan Resources to local tycoon Jhonlin Baratama. Low's stake in the firm was reduced from 40.15% to 9.95%, while his daughter Elaine's holding fell from 22.1% to 22.05%, according to the company's filings with the Indonesia Stock Exchange.
Jhonlin Baratama, the investment vehicle of Andi Syamsuddin Arsyad, widely known as Haji Isam, now holds the majority stake in Bayan. The sale of 10.08 billion shares was completed at Rp2,588 per share, totaling Rp26.1 trillion. Bayan, one of Indonesia's largest and most profitable thermal coal producers, reported around $3.43 billion in revenue and $1.36 billion in earnings before interest, taxes, depreciation, and amortization.
The company was established in 2004 by Low, who is now the richest individual in Indonesia with an estimated net worth of $16.5 billion.
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