Indonesian Billionaire Transfers Stake in Coal Firm to Daughter

By Norman Harsono

August 30, 2024 at 1:49AM EDT

A conveyor system transports coal to the waterside at the Balikpapan Coal Terminal (BCT), operated by PT Bayan Resources Tbk, in this aerial photograph taken at the port city of Balikpapan in East Kalimantan, Borneo, Indonesia, on Wednesday, Nov. 27, 2019. For Jakarta, a city on the island of Java saddled with some of the worst superlatives in the region?most polluted, most congested, fastest sinking?the floods were an old story, the third time deluges have killed dozens since 2007. The problems have become so overwhelming that, even before the latest catastrophe, President Joko Widodo had decided to build a new capital 1,200 kilometers away on the island of Borneo. (Bloomberg)

(Bloomberg) -- Indonesian billionaire Low Tuck Kwong transfered a 22% stake in coal producer PT Bayan Resources to his daughter, Elaine Low, as part of a succession plan.

The 76-year-old billionaire will remain the company controlling shareholder as his daughter would use her voting rights in accordance to his wishes, according to a stock exchange filing. His personal ownership would decline to 40.2%.

He is listed as the third-richest billionaire in Indonesia, according to Bloomberg Billionaires Index data. Bayan shares fell 0.2% on Friday and were set for the biggest monthly decline since June.