Jakarta. Coal tycoon Low Tuck Kwong has lost his position as Indonesia's richest person after a sharp two-day decline in shares of Bayan Resources, the mining company he founded and controls, erased billions of dollars from his estimated fortune.

According to Forbes' Real-Time Billionaires ranking, Low's estimated net worth fell by $2.5 billion, or 14.6%, to $14.8 billion, pushing him to third place among Indonesia's wealthiest people.

Bayan Resources (BYAN) shares closed 8.1% lower at Rp 10,200 on Tuesday, extending a 10.1% drop in the previous session.

The decline propelled Djarum Group owner Robert Budi Hartono back to the top of Indonesia's billionaire ranking, with an estimated fortune of $16.5 billion. His wealth increased by $125 million, or 0.7%, according to Forbes.

Barito Pacific Group founder Prajogo Pangestu ranked second, also with an estimated net worth of $16.5 billion, despite a $522 million, or 3%, decline.

Low followed in third place with $14.8 billion.

Anthoni Salim ranked fourth with an estimated $11.1 billion, followed by Tahir and his family at $9.7 billion, Sri Prakash Lohia at $8.9 billion and technology entrepreneur Otto Toto Sugiri at $8.3 billion.

Marina Budiman ranked eighth with $5.9 billion, followed by Lim Hariyanto Wijaya Sarwono at $5 billion and TP Rachmat at $4.9 billion.

Bayan Declares Force Majeure
The sharp decline in Bayan's share price comes as the coal producer faces uncertainty over its operations.

Bayan Resources and three subsidiaries — Tiwa Abadi, Tanur Jaya and Fajar Sakti Prima — notified customers on Sept. 11 that they had declared force majeure over obligations under coal supply agreements.

The company said revised 2026 Work Plan and Budget, or RKAB, approvals had not yet been issued for the subsidiaries, despite applications having been submitted in accordance with existing regulations.

The approvals are required for the subsidiaries to legally carry out coal production.

“Given that RKAB approval is required for the company's subsidiaries to legally conduct coal production activities, the current situation affects the ability of the company and its subsidiaries to fulfill their obligations to customers,” Bayan's management said in a regulatory disclosure.

The company has said the delayed approvals could have a material impact on its operations.

Acquisition Speculation
Bayan has also been the subject of market speculation over a potential acquisition involving businessman Andi Syamsuddin Arsyad, widely known as Haji Isam.

Reports have suggested that an entity controlled by Haji Isam could offer around $3 billion, or Rp 52.6 trillion, to acquire approximately 62% of Bayan Resources.

No completed transaction has been announced, and the reported acquisition remains market speculation.

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