JAKARTA - Dato Low Tuck Kwong, the founder and shareholder of PT Bayan Resources Tbk (BYAN), reportedly transferred 22% of his shares to Elaine Low, his daughter. It is confirmed by Jenny Quantero, Corporate Secretary of BYAN, in her response to inquiries from Indonesia Stock Exchange (IDX) authorities regarding the transaction worth IDR 105 trillion with a negotiation of IDR 101 trillion over BYAN’s securities.

“With this shares transfer, Low Tuck Kwong’s portion changes from 20.71 billion shares to 13.83 billion shares, or from 60.15% to 40.15%,” Quantero said.

Despite this transaction, Low Tuck Kwong will remain as the ultimate shareholder and controller of BYAN, as Elaine Low will exercise all of her votes from her shares according to Low Tuck Kwong’s direction.

As of July 2024, BYAN recorded 33.33 billion shares, with controlling party owning 62.14% of shares, while non-controlling party claiming the remaining 37.85%. Total shareholders of BYAN clock up to 3,794 shareholders with Low Tuck Kwong as ultimate beneficial owner of the shares. (LK/ZH)