By Globe Asia on 01:20 pm Jun 01, 2013


Samin Tan

Samin Tan



51. $728 million
Kuncoro Wibowo (58)
Ace Hardware

Kuncoro started out with a small retail operation in Jakarta’s old Chinese quarter of Glodok and has grown his business to encompass main-street retail brands. He is the majority owner of PT Ace Hardware Tbk., with 207 branches across the country, and of Krisbow, producer of many of the tools and other do-it-yourself home maintenance gear sold by Ace. He also controls an equipment hire company, while furniture and homeware retail unit Index is another popular spot for middle-class consumers. Kuncoro, the pioneer in modernizing the hardware business, also represents a number of major international manufacturers. Last year Ace recorded net income of Rp437.1 billion on the back of Rp3.2 trillion of revenue.

52. $720 million
HM Lukminto (67)
Sritex Group

Lukminto owns one of the largest integrated textile companies in Southeast Asia, with processes ranging right from the spinning of yarn to finished garments. The best- known product of the group is military uniforms, which it exports to more than 70 countries. Besides textiles the group owns and controls properties in Java including a three-star hotel in Solo. The group employs more than 35,000 workers, making it one of the biggest employers in Indonesia. The company has plans to invest $300 million to plant eucalyptus trees which can be turned into more eco-friendly fabric.

53. $710 million
Samin Tan (51)
Borneo Lumbung Energy

Samin Tan is an active player in the boardroom quarrel between the top two owners of Bumi Plc., the London- listed entity that groups assets in Bakrie family coal mines and his own Borneo Lumbung Energy. Samin entered the fray when Borneo Lumbung paid $1 billion for a 23% stake in Bumi Plc. last year, reinforcing Bakrie’s side. The businessman is a relative newcomer to the top ranks of Indonesian business and his rise to fame and fortune is testament to the opportunity in Indonesia’s business world. After 15 years in accounting, he teamed up with Surjadinata Sumantri in 2002 to open an investment firm, Renaissance Capital.

54. $710 million
Gunawan Jusuf (59)
Sugar Group Companies

Gunawan made a turnaround from his securities company Makindo in the mid- 1990s to focus on the cane plantation and sugar refinery business with PT Sugar Group Companies (SGC). Most of his assets were formerly owned by the Salim Group but were seized by the government in the wake of the 1998 financial crisis. Relations between Salim and Gunawan are reported to remain cool at best. The company’s Gulaku, Indonesia’s first branded sugar, has a strong hold on the market and SGC owns over 65,000 hectares of sugar plantations.

55. $695 million
Osbert Lyman (63)
Lyman Group

Starting his business from timber and trading, Osbert’s interests grew into property, plantations, construction, building materials and telecommunication. His timber unit, PT Erna Djuliawati, manages over 180,000 hectares in Central Kalimantan and takes pride in adhering to international standards of sustainable management. Osbert’s interests in property include the Hotel Shangri-La Jakarta and the iconic BNI tower, Indonesia’s tallest building. The group was founded by the late Susanto Lyman in 1959.

56. $670 million
Johan Lensa (63)
J Resources

Johan is said to be a major player in a $4-billion project in Western Australia with Golden Group Investment, presumably through his major asset, J Resources Nusantara. He used to own a stake in Berau Coal, before it was swallowed by giant Bumi Plc. Last year, J Resources made a swing to profitability, reporting a net income of Rp 86.7 billion, a year after a Rp1.3 billion loss. He also has a stake in PT Intiland Development, controlled by Hendro Gondokusumo, one of the most experienced players in Indonesia’s property sector. Exploiting the emergence of Surabaya as a new economic hub, Intiland is developing an integrated industrial estate on 450 hectares of land in Mojokerto, 50 km south of the East Java capital. Intiland’s subsidiary PT Intiwhiz Indonesia is a fast-growing hotel chain, currently with only four hotels but which plans to open at least 17 new properties by 2014. Intiland’s net income climbed 29.5% to Rp181.32 billion last year.

57. $665 million
Agus L Sudwikatmono (42)
Indika Energy

The heir of the late Sudwikatmono, a cousin of former President Suharto and business partner of Salim Group founder Liem Sioe Liong, Agus works together with Wiwoho Basuki Tjokronegoro at Indika Energy, a listed coal miner with expanding interests in the oil and gas sector. Net income fell last year by 46.3% to $68.7 million last year. The company is still moving ahead. In February it added a subsidiary, Indika Multi Day Energy, which will handle the parent company’s 10% interest in a jointly operated oil and gas block in West Papua, which it bought from the Indonesian unit of French oil major Total SA. Indika Energy sold $500 million in dollar-denominated bonds in January, presumably to fund that deal.

58. $665 million
Handojo Santoso (49)
Japfa Comfeed

Handojo was a kid at school when his father teamed up other interests in 1971 to start Japfa Comfeed as a joint venture producing and selling animal feed. As Handojo grew, so did the company, developing into one of the country’s leading integrated food companies. Animal feed remains a major part of the operation of Japfa, which last year recorded net income of Rp992 billion, but it has also added a range of companies to achieve vertical integration. Early moves were strategic acquisitions of four animal feed producers, before a 1992 start in commercial breeding and meat processing. The company refocused itself on animal feed and commercial breeding and sold its consumer goods producer and distributor unit to Singapore-based Malvolia Pte Ltd., which also owns a 58.3% stake in Japfa, for Rp899 billion. Handojo is a lover of chess and supports the game in Indonesia.

59. $650 million
Tan Siong Kie (97)
Rodamas Group

Tan Siong Kie established Rodamas in 1960 and banked strong profits from partnerships with Japanese companies at a time when multinational companies were obliged to partner with local firms. Tan worked hard to make the relationships work and formed long- lasting links with major Japanese companies such as Ajinomoto and US firm Nabisco. Since the late 1990s, Tan and his family have lived in Singapore while son Mucki Tan takes charge of the company. Rodamas is now a diversified company with interests in infrastructure, energy and construction. It owns a 40.68% stake in lassmaker PT Asahimas, a company with net income of Rp346.6 billion and Rp2.85 trillion in revenue last year. Recently, Rodamas established a joint venture with two Japanese firms, Itochu Corp and Megmilk Snow Brand Co. Ltd, to build a cheese processing plant in Bekasi.

60. $650 million
Purnomo Prawiro (66)
Blue Bird Group

Purnomo and brother Chandra used two of the family cars to start a taxi service in 1965 to pay for their college fees. They formalized the arrangement in 1972, forming Blue Bird, a firm that has since developed into the country’s best-known taxi company. As the first taxi firm to introduce meters and insist on high standards, the company won swift consumer acceptance and continues to guard its reputation for high-quality services and reliability. Over the years, the company has expanded from a taxi operator with 25 cars to a company that operates 21,000 Blue Bird taxis, 750 luxury Silver Bird taxis, a fleet of Golden Bird limousines and Big Bird buses. An IPO is on the agenda for Blue Bird this year. The company also owns a logistic service division, a coachwork division and a hotel in Lombok. A graduate of the University of Indonesia, Purnomo serves his alma mater as the chairman of its Board of Trustees.

61. $642 million
Jan Darmadi (72)
Jan Darmadi Group

Jan Darmadi built his fortune in property, with his 57.67% stake in PT Jakarta Setiabudi International Tbk., a property company which he founded in 1975, still his major asset. The company was one of the earliest players in the development of Jakarta’s Setiabudi district, for many years now a premium location for property. The company controls assets including the Plaza Setiabudi office center, Setiabudi Apartment, Kuningan Apartment, Setiabudi Residence, Raddin Ancol Hotel, Formula 1 Menteng Hotel, Grand Hyatt Bali, the Hyatt Bali and Hyatt Regency. Jan is by no means content to rest on his laurels and now plans to add Setiabudi Skygarden, an apartment complex of three towers, and Hyarta Residence, a premium housing complex in the heart of Yogyakarta. Other plans include budget hotels in Semarang, Yogyakarta and Jakarta and an entry to the Medan property sector. The company’s net income last year was Rp174 billion.

62. $635 million
Wiwoho Basuki Tjokronegoro (73)
Indika Energy

Wiwoho was a partner of Sudwikatmono, the cousin of the late President Suharto, and now works with his former partner’s son, Agus. They control Indika Energy, a coal mining operation with $2.3 billion worth of assets. With a masters degree in petroleum engineering from the University of Kansas, Wiwoho has extensive knowledge of the industry and now serves as Indika’s president commissioner. The size of the deal wasn’t revealed, but Indika’s latest acquisition was a 10% stake in a West Papua oil and gas block from the Indonesian unit of French oil major Total SA.

63. $635 million
Eka Tjandranegara (66)
Mulia Group

Together with brothers Joko and Gunawan, Eka laid the foundation of what has become the powerful Mulia Group from a start-up in the construction business in the early 1970s. Now the group claims to be Indonesia’s largest commercial property developer with iconic landmarks like Wisma Mulia, Menara Mulia, Wisma GKBI office towers and Taman Anggrek Mall and apartments in its growing portfolio. On the building materials side, PT Mulia Industrindo Tbk., established in 1986, specializes in producing glass and ceramic tiles and boasts a financial services unit. Glass unit PT Muliaglass exports to 50 countries and ceramic operation PT Muliakeramik Indahraya is one of the largest in Indonesia. Already with one swank hotel in Jakarta, the group recently opened its second in Bali.

64. $585 million
George Tahija (55) and Sjakon Tahija (60)
Austindo Nusantara Jaya

George, like his late father Julius, knows the ins and outs of the resources business in the country, while brother Sjakon is an optometrist who runs six eye clinics. George played an important role in the establishment of PT Freeport Indonesia, whose Grasberg copper and gold mine is the world’s largest, where he still serves as a commissioner. The brothers’ businesses in agribusiness, tobacco, insurance, healthcare and renewable energy are managed by holding company PT Austindo Nusa Nusantara Jaya. Interests in agribusiness are growing. Austindo has 54,680 hectares in its land bank for palm oil, manages 40,000 hectares of sago forests in West Papua, and has completed construction of a 1.2-MW biogas power plant in Bangka Belitung together with Germany’s Aufwind Schmack Asia Holding GmbH. The company is an active contributor to the development of the communities in areas where it operates.

65. $575 million
Paulus Tumewu, 61
Ramayana Group

Benefiting from its long experience in Indonesia’s retailing business, Paulus’ Ramayana has set its sights on opportunities in small cities to avoid the intense competition in major cities like Jakarta. Ramayana has long dominated the lower-middle class segment, suggesting that the strategy is a winner. Paulus’ business focus, too, has changed from mid-size stores selling clothes to the construction of huge shopping malls, where he can garner steady income from rentals. In 2012 Ramayana, which has been listed since 1997, booked net income of Rp424 billion, a 12% increase from a year earlier.

66. $575 million
Bachtiar Karim (56)
Musim Mas

Musim Mas began life as a soap factory in 1972, before its late founder Anwar Karim began to transform it into a fully integrated palm oil company. It sells palm oil in bulk and also markets its own branded products including soaps, cooking oil and margarine. The company owns one of the largest palm oil refineries in the world and boasts complete distribution facilities, from trucks to ocean tankers. Last year CPO production was 212,346 tons. Musim Mas was the first Indonesian company to acquire Roundtable on Sustainable Palm Oil (RSPO) certification, with all of its 25,918 hectares of planted land meeting the required standards.

67. $565 million
Rudolf and Lucky Merukh (48)
Merukh Enterprises

Rudolf Merukh took charge of the company when father Yusuf Merukh, a seasoned player in the mining sector, passed away in 2011. PT Merukh Enterprises owns hundreds of concessions and its subsidiary PT Pukuafu Indah has a 20% stake in goal and copper miner PT Newmont Nusa Tenggara, although there is an ongoing legal dispute between the two companies related to Newmont’s divestment process. Another subsidiary, PT Merukh Iron and Steel, has struck a deal with Luxembourg-based Paul Wurth Engineering and German firm SMS Siemag AG to construct two steel plants in East Nusa Tenggara, estimated to cost $46 billion. The plants, when completed in 2015, will have a capacity of 7 million tons. Rudolf also owns a hotel in Singapore and appears to have an appetite for more property assets. The family’s airline, Dirgantara Air Services, was declared bankrupt by Jakarta’s court in March, while another airline, Sabang Merauke Air Raya Charter, is reported to be struggling.

68. $555 million
Hendro Gondokusumo (63)

Hendro learned about the property business by helping his father and uncle develop a housing estate for Pertamina. In 1983 he founded PT Intiland Development Tbk. As a self-taught businessman, Hendra has consistently incorporated ideas that were ahead of their time. His Wisma Dharma Sakti was a pioneer in green building and remains a major landmark in the architecture of Jakarta’s business district. Up to today, it is widely considered one of the city’s best examples of environmentally- friendly building. Hendro also began a beach-reclamation project back before the availability of land became the major hurdle in property development. His apartment project, Regatta, was built at a beachside location to the design of a prominent architect. Its second phase has just been launched.

69. $550 million
Hutomo Mandala Putra (51)

The story of Hutomo Mandala Putra’s Humpuss Group will always be associated with the fact that Tommy, as he is invariably known, is the son of former Indonesian strongman Suharto. In its heyday Humpuss was a profitable energy shipping company with long-term contracts, albeit tainted by the whiff of collusion, with state-owned oil and gas company Pertamina. Now having been thrown out of its office tower in Jakarta for breaching a rule that only government offices may be located around Medan Merdeka, Humpuss now finds itself in trouble overseas. The London- based International Arbitration Court found it had failed to settle its obligations to pay rent and construction costs related to two separate tanker projects. In total, the court ruled that Humpuss should pay $87 million to the plaintiffs. Humpuss has yet to comply. Tommy also owns a charter air operator, Gatari Air, and has interests in the property sector. In the past, Tommy was known as a man with strong connections but now finds it difficult to gain entry to the Indonesian political scene.

70. $550 million
Jusuf Kalla (71)
Kalla Group

The man who went on to become vice president took over the PT Hadji Kalla business, founded by his father in 1952, in hometown Makassar, South Sulawesi, operating in trading and automotive distribution. Jusuf, or JK as he’s widely known to the public, now runs the Indonesian Red Cross (PMI) and is still a frequent participant in national debates on a wide range of issues. Though his Golkar Party backs Aburizal to run in the next presidential election, Kalla is considered as having a better chance to win the prize than Ical. While he failed in a bid for the presidency in 2009, his campaign slogan “faster is better” has caught on with many Indonesians who believe the current administration has been far too cautious about pushing change. At the Hadji Kalla Group, the third generation is now in charge, with the group diversifying into manufacturing, energy, agribusiness, property and shipping. The group’s latest push is in energy with several hydro power plants being developed in Sulawesi, including a Rp4 trillion plant in Central Sulawesi’s Poso district.

71. $520 million
Amirsjah Risjad (46)
Risjadson Group

Amirsjah is working to expand the family business through investment firm PT Risjardson Holding & Investment Co., which currently has interests in palm oil, coal and energy. He took the reins of the business from his late father Ibrahim, a member of the once-powerful “gang of four,” composed of businessmen close to former dictator Suharto including Liem Sioe Liong of the Salim Group. The group sold its interests in top- ranked Berau Coal for $1.48 billion in a deal with Recapital Advisors in 2009. Meanwhile subsidiary Ibris Agri owns 170,000 hectares of palm oil, sugar and forestry plantations across the country, while mining unit PT Delma Mining Corporation is scheduled to deliver its first 500,000 tons of coal this year. Another subsidiary, Ibris Nickel, plans to invest $1.8 billion to build a smelter in East Kalimantan.

72. $515 million
Harjo Sutanto (73)
Wings Group

A co-founder of Wings Group, the second biggest consumer goods producer after Antoni Salim’s Indofood, it is believed Harjo’s family controls 40% of shares in the group. Some of his grandchildren team up with Ferdinand Katuari’s grandchildren in managing the group’s sprawling business. Among his relatives active at Wings is Fifi Sutanto, a niece who runs the group’s oleochemical business Ecogreen.

73. $510 million
Surjadinata Sumantri (62)
Renaissance Capital, Borneo Lumbung Energy

Surjadinata teamed up with Samin Tan, a colleague from accounting years at Deloitte Touche, to form Renaissance Capital Asia, where he is a commissioner. Renaissance’s Borneo Lumbung Energy is a hot property producing coking coal for the metal industry as well as a presence in the battle to breathe life into Bumi Plc., the London-listed company. He is active at the University of Indonesia’s alumni association as an adviser.

74. $510 million
Arifin Panigoro (67) and Hilmi Panigoro (57)
Medco Energy International

PT Medco Energi Internasional, the country’s major listed private oil and gas company, was founded by the two brothers in 1980. They came close to selling the family stake to state-owned Pertamina in 2010 but both parties agreed to drop the deal shortly before the company’s 30th anniversary. Medco operates in Indonesia, Cambodia, Oman, Yemen, Libya, Tunisia and the United States and owns a single LPG plant and three power plants. Projects at Medco are progressing well, including the $2.8 billion Donggi-Senoro LNG plant in Central Sulawesi, where it partners with Mitsubishi, Kogas and Pertamina. While Medco Foundation teaches about sustainability, Medco Energy ensures its implementation by utilizing natural gas in all its operational vehicles.

75. $505 milli0n
John Chuang (63)
Ceres Indonesia, Petra Foods

John Chuang is the founder and CEO of Petra Foods, a leading chocolate confectionery firm with a global presence. Founded in 1984, the company became a dominant player in the business, supplying household names like Nestlé and Cadbury. It also markets over 30 brands of chocolate for consumers in Southeast Asia. The Singapore-listed company has been the subject of a $950 million offer from Swiss-based Barry Callebaut to sell its cocoa unit, which represents some 75% of the company’s revenue. Demand for chocolate is rising strongly across the world, creating a strong position for John.

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