Low, born in Singapore in 1948, began his career working with his father, who founded Sum Cheong, a successful civil construction firm in Singapore and Malaysia. However, Low did not follow in his father’s footsteps. Instead, he saw opportunities for growth in Indonesia, a market largely untapped by Singaporeans at the time. In 1973, he secured his first project in Jakarta, marking the beginning of his successful business venture in Indonesia.
Expansion into Civil Works and Mining
Low’s journey in Indonesia began with groundbreaking work in construction, where he introduced diesel hammers for piling, speeding up the process. He later partnered with Jaya Steel to form Jaya Sumpiles Indonesia, a company focused on earthworks, civil works, and marine structures. This laid the foundation for his future expansion into the coal mining industry in 1988.
In 1992, Low became an Indonesian citizen to comply with regulations that restricted foreign ownership of mining concessions. By 1997, he acquired his first mine, Gunungbayan Pratamacoal, located in East Kalimantan. Despite the challenges of mining in an inland location, rather than near the coast, Low remained committed to the project. However, when the Asian financial crisis hit in the late 1990s, the company struggled, facing significant losses in its early shipments.
Overcoming Setbacks and Growing Bayan Resources
Despite these early obstacles, Low’s unwavering belief in the potential of high-grade coal and his commitment to expansion allowed him to persevere. In 1998, he acquired a coal port, and his company, Bayan Resources, went public on the Indonesia Stock Exchange four years later. With an increasing demand for coal, especially from China, Bayan Resources continued to grow, even when faced with global concerns over climate change and clean energy.
Bayan Resources steadily expanded its operations and took on debt to acquire new mines. Despite predictions that its mines would never exceed 15 million tons in annual sales, Bayan’s production rose steadily, defying industry expectations. By 2018, the company had regained its financial stability, and Low’s wealth grew significantly, reaching $12.1 billion in 2022 and more than doubling to $27.2 billion by 2023.
Diversification Beyond Coal
Beyond coal, Low’s investments extend into renewable energy through Metis Energy and healthcare via his stakes in The Farrer Park Company. He also has an interest in SEAX Global, a company working on a submarine cable system to link Singapore, Indonesia, and Malaysia.
Bayan Resources continues to grow, with plans to ramp up production to over 80 million tons annually by 2026. Low’s commitment to the coal industry remains strong, as he believes many developing countries still require coal for their energy needs.
Personal Life and Succession Plan
Low’s personal life is largely private, but it is known that he is married with two children. His daughter, Elaine Low, was given a 22% stake in Bayan Resources as part of a succession plan for the future of the company. Forbes reported that Low travels to his mining sites by helicopter and even owns a private zoo, which he started in the 1990s to protect displaced wildlife.
Low’s story is a testament to resilience, as he turned setbacks into opportunities and continues to play a major role in Indonesia’s coal industry, despite global concerns and challenges in the sector.
