Jakarta. Indonesian billionaire Low Tuck Kwong has transferred shares in his coal company, Bayan Resources (BYAN), valued at Rp 101.8 trillion ($6.55 billion) to his youngest daughter, Elaine Low on Thursday.

According to Forbes' real-time billionaire list, Low Tuck Kwong is the fourth richest person in Indonesia, with assets totaling $24 billion.

Jenny Quantero, Corporate Secretary of Bayan Resources, explained that the transaction was driven by family considerations, with major shareholder Dato Low Tuck Kwong transferring a portion of his shares to Elaine Low as part of a long-term succession plan.

“Dato Low Tuck Kwong transferred 7.33 billion shares, or 22 percent, to his daughter Elaine Low,” Jenny stated in a disclosure on Aug. 29.

Jenny added that following this share transfer, Low Tuck Kwong’s ownership would decrease from 20.71 billion shares to 13.38 billion shares, or from 62.15 percent to 40.15 percent of the total shares.

“Dato Low Tuck Kwong will remain the principal shareholder and controller of the company, as Elaine Low will exercise voting rights over the shares according to Low Tuck Kwong’s wishes,” Jenny clarified.

The transaction was noted for its massive scale, with 73.33 million lots of Bayan Resources shares (7.33 billion shares) traded at an average price of Rp 13,888 per share on the Indonesian Stock Exchange (IDX) on Aug.28. This resulted in a total transaction value of Rp 101.84 trillion. As of Aug. 30, BYAN shares closed at Rp 16,700, placing Elaine Low’s current shareholding value at approximately Rp 122.62 trillion.

Elaine Low earned a Master’s in Public Policy from the Lee Kuan Yew School of Public Policy in 2014. She joined the board of Manhattan Resources Limited in May 2014 and became a non-executive, non-independent director in April 2017.

Elaine holds multiple directorships across sectors such as medical, education, and coal mining, including Energy Resource Investment Pte. Ltd, Farrer Way Pte. Ltd, One Farrer Pte. Ltd, Farrer Park Company Pte. Ltd, KaiYi Investment Pte. Ltd, Singapore Health Partners Pte. Ltd.