Investors in his country need not fear aggressive interest rate hikes, assured Thailand’s central bank governor in August.
(Photo: dpa)
Bangkok Low Tuck Kwong’s bet that fossil fuels won’t become obsolete as quickly as climate protectors would like them to be. The Indonesian billionaire has steadily increased his stake in the coal producer Bayan Resources, which he founded, in recent years. The 74-year-old tycoon now owns more than 60 percent of the mining company, which sells its goods to countries including Spain, India and Japan.
In view of the globally rising energy prices, the value of the block of shares has now more than doubled within a few months: Bayan’s price has risen by more than 150 percent since the beginning of the year. Low’s personal fortune has soared to $5.7 billion from $1.1 billion last year.
Things are also going extremely well for its competitors: the price of the Jakarta-based mining group Adaro Energy has risen by around 70 percent since the beginning of the year.
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