PALMOILMAGAZINE, JAKARTA – Low Tuck Kwong, through PT Bayan Resources Tbk (BYAN) and PT Bayan Energy, has successfully acquired 100% of the shares in PT Enggang Alam Sawita for IDR 105.15 billion. This acquisition, completed last month, aims to bolster investment and support the operations of the Bayan Group.
Jenny Quantero, Director of Bayan Resources, confirmed that the transaction was facilitated through share purchases involving Bayan Energy, PT Berau Utama Berkatsetia, and NPC Resources Berhad. Bayan Energy and Bayan Resources acquired the shares from PT Berau Utama Berkatsetia, with a share distribution of 99% and 1%, respectively.
PT Enggang Alam Sawita, a palm oil plantation company located in Kalimantan, is strategically positioned adjacent to mining concessions held by Bayan Resources’ subsidiaries. In addition to the share acquisition, BYAN has also provided a loan of IDR 159.27 billion to Enggang Alam Sawita to support its operations.
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As quoted from Investor.id, Jenny emphasized the the acquisition would not deliver impacts in harmful material to the operation, legal, financial issue, and the business sustainability of Bayan Resources. The transaction would be the same with the long term – investment strategy of BYAN.
In wider perspective, Low Tuck Kwong, the owner of Bayan Resources recently granted 7,33 billion of shares of Bayan Resources or about 22% ownership to her child, Elaine Low. This would be part of the long term plan of successor of the family, Low Tuck Kwong would maintain the main roles as the main shareholder and control the company.
According to Forbes Real-Time Billionaires List per 3 September 2024, Low Tuck Kwong was the fourth rich man in Indonesia with the net wealth reaching US$ 23,9 billion (about IDR 372,4 trillion).
The big transaction also took place at Bursa Efek Indonesia (BEI) where 7,33 billion of stocks of BYAN with the total transaction reaching IDR 101,84 trillion, was getting transaction on 28 August 2024 with the average price at IDR 13.888 per share.
By the strategic things, Bayan Resources would keep reinforcing its position in plantation and mining industries in Indonesia, reinforcing its foundation to get long term – progress. (P2)
