Indonesian billionaire Low Tuck Kwong, through PT Bayan Resources and its subsidiary PT Bayan Energy, has acquired 100 percent shares of PT Enggang Alam Sawita, a palm oil plantation company in Kalimantan, for Rp105.15 billion (US$6.8 million).
Low Tuck Kwong, a Singapore-born Indonesian billionaire businessman, is known primarily for his success in the coal mining industry. He is the founder and president of Bayan Resources, one of Indonesia’s largest coal producers.
Over the years, Kwong’s ventures in mining and energy have made him one of Indonesia’s wealthiest individuals. His business acumen and strategic investments have earned him significant influence in the global energy sector.
The acquisition of PT Enggang Alam Sawita, valued at Rp105.15 billion, was completed on August 30, 2024, through a share purchase agreement between Bayan Resources, Bayan Energy, PT Berau Utama Berkatsetia, and NPC Resources Berhad.
Jenny Quantero, Director of Bayan Resources, said that Bayan and its subsidiary now control 99 percent and 1 percent of Enggang Alam Sawita’s shares, respectively.
The plantation company’s land is adjacent to Bayan Resources’ mining concessions, and the acquisition is intended to streamline the company’s operations.
Additionally, Bayan Resources provided Enggang Alam Sawita with a loan of Rp159.27 billion to further support its operational activities.
Share ownership transfer to daughter
In a related development, Low Tuck Kwong recently transferred 7.33 billion shares (22 percent) of Bayan Resources to his daughter, Elaine Low, as part of a long-term family succession plan.
The shares, valued at Rp101.84 trillion, were transferred through a negotiation transaction at the Indonesia Stock Exchange on August 28, 2024.
Despite this transfer, Low Tuck Kwong retains control of the company, holding 40.15 percent of Bayan Resources’ shares, with Elaine Low expected to follow his voting preferences.
As of September 3, 2024, Low Tuck Kwong remains the fourth wealthiest individual in Indonesia, with a net worth of US$23.9 billion (Rp 372.4 trillion), according to Forbes’ Real-Time Billionaires List.
