Low Tuck Kwong (born 1948) is an Indonesian billionaire businessman who is the founder and president director of Bayan Resources, a coal mining company in Indonesia. He is ranked as the second-richest person in Indonesia by Forbes magazine, with a net worth of US$30.3 billion.
The majority of Low’s fortune is derived from his stake in coal producer and port operator Bayan Resources. The Jakarta-based company sold about 39 million metric tons of coal in 2022, according to its annual report.
He controls a 61% stake directly and through his son, according to a June 2023 Indonesia stock exchange filing. Family-owned shares are attributed to Low in this analysis to reflect his status as founder.Other assets include a 79% stake in Metis Energy, a Singapore-based renewable energy company, held directly and through family-owned holding companies, according to the company’s 2022 annual report.Low declined to comment on the net worth valuation.
Biography
Low was born in 1948 in Singapore. He worked in the construction company owned by his father until 1972 when he moved to Indonesia.
In 1973, he founded PT Jaya Sumpiles Indonesia, an earthworks and civil works contractor company. The company expanded to coal mining in 1988.
He acquired PT Gunungbayan Pratamacoal, which controls a coal mine in Kalimantan, and PT Dermaga Perkasapratama, a coal terminal operator, in 1997.
In 2004, he founded PT Bayan Resources. The company began trading publicly on the Indonesian stock exchange in 2008.
Low became an Indonesian citizen in 1992.
Milestones
- 1948 Low is born in Singapore.
- 1972 Moves to Indonesia.
- 1973 Founds construction company PT Jaya Sumpiles Indonesia.
- 2004 Founds Bayan Resources.
- 2008 Bayan Resources begins publicly trading in Indonesia.
