Low Tuck Kwong's Wealth Soars, BYAN Shares Up Almost 600% in a Year

Low Tuck Kwong, owner of coal company PT Bayan Resources, is now the richest person in Indonesia.

According to Forbes' *The Real-Time Billionaires List*, as of December 26, 2022, Low Tuck Kwong had a net worth of US$26.4 billion, or approximately Rp412.7 trillion (using an exchange rate of Rp15,631/US$).

A significant portion of Low Tuck Kwong's wealth comes from PT Bayan Resources shares, which surged 598.9% year-on-year (yoy).

On December 23, 2021, the share price of the company (stock code BYAN) was at Rp2,657.5. The price steadily climbed to Rp18,575 by December 23, 2022.

According to disclosures to the Indonesia Stock Exchange (BEI), as of December 26, 2022, Low Tuck Kwong controlled 60.94% of BYAN shares.

What is BYAN's Outlook for Next Year?

The surge in BYAN's share price over the past year correlates with the rise in global coal prices and the company's improved profits.

During the January-September 2022 period, BYAN recorded a net profit of US$1.62 billion, a 148.9% increase compared to the same period last year.

BYAN's performance is expected to remain strong in the coming years, thanks to its additional coal reserves.

"PT Bayan Resources Tbk proudly announces an increase in JORC coal reserves for the Tabang/Pakar Utara coal deposit (East Kalimantan) from 1,475 million tons as of January 1, 2021, to 1,692 million tons as of April 1, 2022," stated BYAN management in a press release (September 29, 2022).

BYAN is currently constructing a 101-kilometer road from the Tabang/Pakar Utara coal deposit to the Mahakam River (East Kalimantan), and building a new barge loading facility on the river.

"This facility is targeted for completion in 2023. This will allow the Company to increase production from the Tabang/Pakar Utara coal deposit to more than 60 million tons per year in the coming years," BYAN management revealed.