Indonesian coal tycoon’s son buys 9% of Avillion at premium post-private placement

• Yi Ngo bought 132.13 million Avillion shares on Aug 20 through the open market shortly after the company raised RM11.32 million via a private placement at four sen per share.

KUALA LUMPUR (Aug 26): David Low Yi Ngo, son of Indonesian coal billionaire Low Tuck Kwong of PT Bayan Resources Tbk, has bought a 9% stake in cash-strapped Avillion Bhd (KL:AVI) for an estimated RM9.25 million at 7 sen per share—higher than the recent private placement price of 4 sen per share.

The purchase came less than two weeks after a Bayan Resources executive also joined as the company’s second-largest shareholder through the placement.

Yi Ngo bought 132.13 million Avillion shares on Aug 20 through the open market, according to a filing with the bourse, shortly after the company raised RM11.32 million via a private placement at four sen per share. The stock closed at 7 sen per share on Aug 20.

Yi Ngo’s entry into the hotel and travel group follows that of Bayan Resources’ chief operating officer, Lim Chai Hock, who became Avillion’s second-largest shareholder after acquiring a 15% stake via the private placement earlier this month.

Datuk Md Wira Dani Abdul Daim, son of the late finance minister Tun Daim Zainuddin, remains the largest shareholder, although his stake was diluted to 17.5% from 21.8% following the fundraising.

Avillion plans to use the proceeds to refurbish its flagship hotel in Port Dickson, repay borrowings and for working capital. However, its external auditor recently raised doubts about the company’s ability to continue as a going concern, citing FY2025 net losses of RM8.84 million and a negative cash position of RM8.96 million.

Shares in Avillion settled down half a sen or 6.67% to 7.5 sen on Tuesday, valuing the group at RM99.56 million. The counter has fallen over 55% year-to-date.

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