Indonesia’s Coal King Low Tuck Kwong’s Maneuver through Samindo Resources (MYOH)


17 Nov 2023


Dilansir Oleh

Bagikan, JAKARTA – The Indonesian coal tycoon Low Tuck Kwong’s issuer PT Samindo Resources Tbk. (MYOH) will acquire 1.23 billion shares of PT Transkon Jaya Tbk. (TRJA). The number of acquired shares is equivalent to an 82% ownership stake.

Based on TRJA’s securities holder registration report, the total number of TRJA shares is 1.51 billion (1,510,200,000) shares. Details include 570.7 million shares or 37.79 shares owned by PT Damai Investama Sukses as TRJA’s controller. Meanwhile, 454 million shares or 30.06% ownership are held by PT MSJ Investama Abadi.

Then, 150.28 million shares or 9.95% ownership belong to PT Aneka. The remaining 329.77 million shares or 21.8% ownership are held by the public.

With this ownership distribution, the acquisition of 1.23 billion TRJA shares by MYOH is equivalent to acquiring an 82% ownership stake.

Transkon Jaya or TRJA is a company engaged in leasing 4×4 and 4×2 vehicles for the mining, oil and gas, and construction industries, established in 2002.

According to its annual report, TRJA had a total of 3,156 fleets at the end of 2022, spread across 66 regions throughout Indonesia. In addition, TRJA is recorded to manage more than 64 workshops and has 76 types of vehicles.

TRJA’s management explains that the company’s business is still predominantly in the coal industry, and it is currently expanding to Eastern Indonesia. TRJA is also expanding by adding new units in the Sumbawa area in the copper and gold mining industry.

Furthermore, TRJA is approaching gold mines in Sulawesi. From this expansion, TRJA has the potential to add a minimum of 500 vehicle units this year.

As of the third quarter of 2023, TRJA recorded revenue of IDR 453 billion, an increase of 28.92% compared to the same period last year.

However, TRJA’s net profit decreased by 7.55% to IDR 29.2 billion, from IDR 31.6 billion annually or year on year (yoy).

Low Tuck Kwong’s Assets

Indonesian tycoon Prajogo Pangestu has surpassed the position of coal tycoon Low Tuck Kwong as the richest person in Indonesia. Prajogo Pangestu’s total wealth has reached US$38.7 billion or equivalent to IDR 607.3 trillion (exchange rate JISDOR IDR 15,693 per US dollar).

According to Forbes Real Time Billionaire data, as of Saturday (11/11/2023), Prajogo Pangestu’s wealth far exceeds Low Tuck Kwong’s, which is US$26.5 billion in the second position.

In addition to collecting MYOH shares, Low Tuck Kwong is also known as the owner and President Director of PT Bayan Resources Tbk. (BYAN).

He is also the majority shareholder of BYAN with a ownership stake of 60.95%.

On another note, Low Tuck Kwong also has a business in the cable and wire production sector through PT Voksel Electric (VOKS). This company is a manufacturer of cables and wires for various voltage levels in Indonesia.

According to RTI data as of October 31, 2023, Low Tuck Kwong holds 7.93% or 329,331,640 VOKS shares.

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