Low Tuck Kwong's fortune falls by a third after discounted Bayan sale | Wealth Office
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Low Tuck Kwong's fortune falls by a third after discounted Bayan sale

Indonesia's coal billionaire and his daughter sold 30.25% of Bayan Resources to a vehicle of tycoon Haji Isam at a deep discount to market.

The Bloomberg Billionaires Index shows that Low Tuck Kwong's net worth fell by about $5.8 billion in a single day, roughly a third of his fortune, after he and his daughter Elaine Low completed the sale of a 30.25% stake in Bayan Resources. The buyer was Jhonlin Baratama, the investment company of Indonesian businessman Andi Syamsuddin Arsyad, known as Haji Isam. Reuters reported that about 10.08 billion shares changed hands on 7 October at 2,588 rupiah each, a deal valued at around $1.46 billion and well below Bayan's recent trading price. Bloomberg's index now puts Low's fortune at about $11.3 billion. Neither the sellers nor the company has publicly explained the pricing.

After the sale, Low's direct holding fell to 9.95%, and the family retains about 32% of the coal producer he founded in 2004. Bayan had earlier declared and then lifted force majeure on supply contracts while waiting for government approval of production quotas.

Why it matters: The transaction is a reminder that a founder's paper wealth and the price achieved in a negotiated block sale can differ sharply, especially in concentrated holdings and regulated sectors. For families in Southeast Asia, it also shows how ownership of strategic resource businesses can shift between domestic groups through private agreements. Succession, control and valuation questions often arrive together in such deals.

Source: Bloomberg, October 12, 2026. Wealth Office summarises reporting by other publications and links to the original.