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150 RICHEST INDONESIANS (26-50)

BY GLOBE ASIA. June 1, 2013

 

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Jacob Oetama

26. $1.3 billion
Jakob Oetama (82)
Kompas Gramedia Group

Jakob Oetama is the co-founder and owner of Kompas Gramedia Group, the largest media group in Indonesia. Still active as a participant in debate and dialogue on national issues and a great supporter of the arts, his media business includes at least 50 publications, including the respected Kompas daily, while the company also has over 100 bookstores across Indonesia. Its latest push is into the television business, launching free-to-air KompasTV last year. Kompas’ interests in the property sector, which include the Santika hotel chain, is currently concentrating on convention halls. Subsidary Dyandra Promosindo, a leading event organizer, raised Rp448.7 billion by selling 30% of its shares to the public during the past year.

27. $1.26 billion
Mu’min Ali Gunawan (74)
Panin Group

Many have courted Mumin Ali Gunawan to buy his family’s 44.68% interest in Panin Bank. The patriarch has a number of times resisted overtures and the bank continues to stand in the top 10 of industry operators. Last year’s net income at the bank climbed 17.18% to Rp1.91 trillion. Mumin does however appear to be tempted to sell a stake in his insurance business, with two Japanese firms, Japan’s Dai-ichi Life Insurance Co Ltd and Fukoku Mutual Life Insurance, reported to be on the shortlist to acquire a minority stake in Panin Life. Mumin is also CEO of Panin Sekuritas Tbk., a stock brokerage in which Panin owns 40.02% of shares.

28. $1.2 billion
Boenjamin Setiawan (79)
Kalbe Farma

Equipped with a doctorate in pharmaceutical science, Dr. Boen, as he is universally known, founded Kalbe Farma Group in 1966 and developed it into Southeast Asia’s largest listed pharmaceutical company. Last year, it saw a 17% increase in net income to Rp1.73 trillion on the back of Rp13.63 trillion in revenue. Subsidiary Bintang Toedjoe is the producer of energy drink ExtraJoss, a market leader in Indonesia and with a strong presence in other Southeast Asian markets. The company’s latest venture is in the hospital business through Klinik Mitrasana. Dr. Boen is a recipient of the Ernst & Young Lifetime Entrepreneurial Award.

29. $1.2 billion
Teddy Thohir (78) and Garibaldi Thohir (48)
TnT Group

Teddy Thohir was a co-founder of Astra International, now Indonesia’s largest listed company. His son Garibaldi ‘Boy’ Thohir is the CEO as well as a shareholder at PT Adaro Indonesia, Indonesia’s second-largest coal miner, which he has led on a steady path of success. He is involved in telecommunication businesses; together with partner Patrick Waluyo he acquired a stake in local operator Hutchison CP Telecommunications (HCPT), known locally as Tri, earlier this year. Brother Erick Thohir is an investor in the sports industry, with interests in local football club Persib Bandung as well as a stake in US basketball club Philadelphia 76ers and MLS football club DC United.

30. $1.2 billion
Benjamin Jiaravanon (41)
Charoen Pokphand

Benjamin serves as the executive chairman of PT Charoen Popkhand Indonesia, an Indonesian unit of Thai-based Charoen Popkhand Group. The Indonesian company pro- duces animal feed and processed poultry food products, while its Thai parent is a large conglomerate of businesses with a diversified portfolio including telecommunications, automotive and retail interests. The Indonesian unit has posted stellar performance since 2009, with net income consistently above Rp1.5 trillion and reaching Rp2.6 trillion last year. Benjamin is married to Erlin Katuari, a daughter of Eddy Wiliam Katuari of the Wings Group.

31. $1.2 billion
Hartadi Angkosubroto (60) and Husodo Angkosubroto (58)
Gunung Sewu Group

From what was initially a distributor and producer of foodstuffs, Gunung Sewu has become a holding company with interests in property, agribusiness and life insurance. Food remains the core business of the company, founded by the brothers’ late father Dasuki Angkosubroto in 1950. Subsidiary PT Great Giant Pineapple is the world’s third-largest producer of canned pineapple, a venture that helped kick-start Gunung Sewu’s livestock and banana businesses. In property, the brothers run PT Duta Anggada Realty Tbk., a developer with assets including several landmark Jakarta buildings including Bapindo Plaza and Chase Plaza, and PT Farpoint Prima, which has growing interests in Jakarta and Bali. The holding company controls SequisLife, a leading domestic insurance firm. Husodo is the chairman of Endeavor Indonesia, a business network that aims to nurture the next generation of entrepreneurs.

32. $1.15 billion
Prajogo Pangestu (62)
Barito Pacific Group

After years of hibernation following the 1998 crisis, Prajogo returned to the big league by setting a new course for his holding company Barito Pacific. Originally the country’s biggest plywood maker, the company now owns interests in petrochemicals, energy, timber and plantations. It is the majority shareholder in Chandra Asri Petrochemical, which despite being the country’s sole producer of downstream products last year recorded $87 million in losses last year. Prajogo’s empire retains a positive outlook and is continuing construction of more production facilities. Subsidiaries PT Grand Utama Mandiri (GUM) and PT Tintin Boyok Sawit Makmur (TBSM) manage 14,000 hectares of palm oil plantations.

33. $1.1 billion
Kiki Barki (74)
Harum Energy Group

Like many, Kiki Barki benefited from strong demand for coal and utilized the momentum to expand his Harum Energy into a very profitable operation. The boom times ended last year, making business tougher as global commodities prices fell. The company’s net income was $161.7 million last year, a 19.4% decrease on the year earlier. Despite having to rein in some ambitions, the company acquired one small coal outfit last year funded from a $270 million bank loan raised in 2011. Harum has four subsidiaries: PT Mahakam Sumber Jaya, PT Santan Batubara, PT Layar Lintas Jaya and PT Tambang Batubara Harum.

34. $1.1 billion
Murdaya Poo (72) and Siti Hartati Murdaya (67)
Central Cipta Murdaya

Business had to be sidelined by the couple last year as Hartarti fought and lost a corruption charge, with the court finding that she paid Rp3 billion to obtain business licenses for her plantation companies in Central Sulawesi. She was sentenced to 32 months in jail after staff members were caught red-handed passing the graft money to a district chief. Hartati resigned from her post at the ruling Democratic Party, where she was known as a financial backer and close to the president. Central Cipta Murdaya is a holding company which oversees a diversified business empire spanning from palm oil to information technology. It is currently building a third stage for its successful Pondok Indah mall, despite complaints by elite residents of the area that they don’t need more shops.

35. $1.1 billion
Eddy Sariaatmadja (62) and Fofo Sariaatmadja (61)
SCTV

Eddy Sariaatmadja and brother Fofo are the principal owners of PT Elang Mahkota Teknologi, a first-generation Indonesian technology firm, where net income grew 266% to Rp3.4 trillion last year. Eddy’s first business landmark came when SCTV, now one of Indonesia’s leading TV stations, was founded in 1999. SCTV in May saw the full consolidation of its recent acquisition of rival station Indosiar on the stock exchange.

36. $1.1 billion
Aksa Mahmud (68)
Bosowa Corporation

Aksa has developed his Bosowa Corporation into a business empire, in the past concentrating on eastern Indonesia. Cement unit PT Semen Bosowa Maros is the company’s core business. Bosowa is now expanding into highly competitive western Indonesia through PT Semen Bosowa Batam, with a production capacity of 1.2 million tons. Bosowa owns a stake in PT Nusantara Infrastructure, active in several toll road and power plant construction projects and which recently declared its interest to acquire a stake in mid-sized lender Bukopin. Bosowa is also the sole distributor of Mitsubishi cars and trucks in eastern Indonesia, and has an extensive car dealership network for the Mercedes-Benz, Proton and Hyundai brands. The brother-in-law of former Vice President Jusuf Kalla now dabbles in politics, leaving the business to his sons to run. He is known to provide generous assistance for the development of his hometown Makassar.

37. $1.05 billion
Hashim Djojohadikusumo (59)
Arsari Group

Hashim made $1.8 billion when he sold his Central Asian oil business to concentrate on business back home. Today, Hashim is leader of a business empire with an estimated turnover of $1.2 billion. He has a production forest concession of around 700,000 hectares in Kalimantan, palm oil plantations in Sumatra and tea estates in West Java. He still has an interest in the oil and gas business through CITIC Canada Petroleum. His brother Lieut. Gen. (Ret.) Prabowo Subianto is chief patron of the Greater Indonesia Movement (Gerindra) and a likely presidential candidate in 2014. Much of the money to fuel Prabowo’s political ambitions is believed to come from Hashim. The family is active in various charitable causes including the family-owned Arsari Djojohadikusumo Foundation which provides education and health assistance for poor children.

38. $1.05 billion
Martias (75) and Tjiliandra Fangiono (37)
First Resources

Martias made his fortune with the boom in the palm oil business after some tough pioneering years. He founded First Resources, now one of the country’s leading palm oil companies, in 1992. The Singapore-listed company, today run by his son Tjiliandra Fangiono, manages 130,000 hect- ares of plantation and operates nine mills. Net income last year grew 20.6% to $248 million, a remarkable achieve- ment in an industry hit by lower prices during the year.

39. $1.05 billion
Haryanto Adikoesoemo (68)
AKR Corporindo

Haryanto is one of the most camera-shy businessmen, but his AKR Corporindo has moved from modest beginnings as a chemical distributor in 1960 into a leading energy dis- tributor. With its extensive port and logistic networks, the company is the first private company to distribute gasoline in Indonesia. Since 2009, the company has dived into the coal mining and shipping businesses. The company booked a net income of Rp618.8 billion in 2012, a 73% drop from a year earlier. The company has allocated Rp9 trillion to build an integrated port in East Java.

40. $1 billion
Ahmad HK Hamami (77)
ABM investment

Hamami won the license to sell and service Caterpillar heavy equipment back in 1970 and his PT Trakindo Utama has always been a dominant player in the sector. Trakindo is an integrated company focusing on the heavy equipment business, with subsidiaries ranging from logistics to leasing. Hamami’s latest success story is his coal mining unit ABM Investama, which went public in 2011 and raised Rp2 trillion. As a young man, Hamami was a jet fighter pilot for the Indonesian Navy.

41. $995 million
Benny Subianto
Persada capital

Benny is another veteran of the Astra International empire founded by William Soeryadjaya. He graduated from Bandung Institute of Technology’s mechanical engineering faculty in 1968 and enjoyed a productive career at both heavy equipment unit PT United Tractors and holding company Astra International, where he rose to the position of vice president. In 2002 he teamed up with college friend and fellow Astra veteran TP Rachmat to establish Bhakti Energi Persada, a coal miner with estimated reserves of 5.6 billion tons. Bhakti is now focusing on boosting production to 12 million tons of coal a year by 2015.

42. $990 million
Lim Hariyanto Wijaya Sarwono (85)
Harita Group

Lim Hariyanto Wijaya Sarwono is the founder of the sprawl- ing Harita Group, which has made a fortune out of Kali- mantan’s abundance of minerals and expanses of land for oil palm trees. Lim is the second generation of a Chinese migrant business family that did well in the new country, partly through close relationships with figures in govern- ment. Harita is now branching out into mining while Bumi- tama Agro controls about 121,000 hectares of plantations and a far larger land bank across Kalimantan, Sulawesi and other islands. The group is now controlled by Lim’s sons, Lim Gunawan Hariyanto and Gunardi Hariyanto Lim.

43. $925 million
Soetjipto Nagaria (73)
Summarecon

Soetjipto’s Sumarecon Group has been a major force behind the transformation of the urban landscape of Jakarta and its surrounding areas. It has a strong pres- ence in developing residential areas in Jakarta’s sub- urbs. In Bekasi, it has built 780 houses and is planning another 3,200 houses and 6,000 apartments. The company is also eyeing property opportunities outside Java, with Bali and Makassar being mentioned as possible project locations. Financially, the company is doing well: Net income was Rp797.8 billion last year, more than double from Rp392 billion in 2011. Wife Liliawati Rahardjo Soetjipto is an active contributor to humanitarian organization Tzu Chi.

44. $920 million
Rusdi Kirana (50)
Lion Air Group

Rusdi and brother Kusnan are aiming to create the largest regional air carrier in Southeast Asia, and possibly beyond. They have expanded what was a family-owned travel agency, Lion Tours, into an airline that has booked orders for more than 400 Boeing and Airbus aircraft. The brothers’, enthusiasm for business leads many to wonder how far they can go. After making headlines by signing a record $22.4 billion deal to purchase 230 planes from Boeing in 2012, the airline then grabbed the spotlight again with a $24 billion order for 234 Airbus aircraft. Lion’s image was dented when one of its new planes recently crash-landed in the water at Bali’s airport, raising concerns over the airline’s safety standards. Lion Air this year launched two subsidiaries, the full-service airline Batik Air and the joint venture Malaysia-based Malindo Air, in an attempt to which many consider will challenge AirAsia, currently the region’s largest budget airline.

45. $900 million
Sandiaga Uno (44)
Saratoga, Recapital

Young and active, Sandy is a self-made millionaire whose experience in climbing up corporate ladders helped propel him to his position today. After years of working abroad, Sandiaga returned home and set up investment advisory firm Recapital in 1997. A year later, Sandy and Edwin Soeryadjaya founded Saratoga Capital, an investment company whose expanding portfolio includes interests in Adaro – Indonesia’s second-largest coal miner – infrastructure, telecommunication, palm oil and now airlines, with the re-launch of Mandala Air. Saratoga still appears to be heading for bigger things. When he is not busy planning IPOs for Saratoga or one of its extensive list of subsidiaries, Sandy gives his time to his favorite cause. He threw his hat into the ring for the election of a new chairman of the Chamber of Industry and Commerce (Kadin) in 2012 but was not successful, though he remains a force within the organization.

46. $880 million
Husein Djojonegoro (64)
ABC, Orang Tua Group

Husain’s father Chandra started Orang Tua Group as a producer of herbal drinks in 1948. With his children Husain, Hamid and Pudjiono now in charge, the company has become a sprawling consumer goods company, boasting over 40 brands and dominating some market segments such as toothpaste, biscuits and beverages. Its best-known brand is ABC batteries, a leader in the domestic market and a strong presence in 68 countries. In Indonesia, the company’s strong distribution and logistics network represents a major asset.

47. $860 million
Sugianto Kusuma (62)
Agung Sedayu Group, Bank Artha Graha

Sugianto has transformed Agung Sedayu from a relatively modest position as owner of the well-known electronics market Harco Mangga Dua, turning the company into a leading property developer. The outfit now owns several strategically located properties, many located in eastern Jakarta. He is a long-term partner of Tomy Winata in the Artha Graha Group, which owns mid-ranked lender Bank Artha Graha, significant property interests and an expanding infrastructure play. His own Agung Sedayu Group runs property businesses in Jakarta and surrounding areas. Sugianto now spends most of his time doing humanitarian work with Tzu Chi, an international Buddhist organization.

48. $820 million
Tomy Winata (55)
Artha Graha Group

Tomy, with senior partner Sugianto Kusuma, has a strong portfolio led by property assets. Bank Artha Graha is a mid-sized operator, while infrastructure and agribusiness are more recent pursuits. In property, he controls Jakarta’s Sudirman Central Business District and the Borobudur Hotel. There is still no certainty the government will grant Tomy a leading role in the planned 31-km long bridge connecting Java and Sumatra, despite having spent $60 million for a feasibility study. He has made a deal with US firm MGM Hospitality to build a $2 billion, 638-meter tower, slated to be the world’s fifth tallest, in the Sudirman Central Business District in South Jakarta. Tomy devotes much of his time to manage a 45,000-hectare protected forest in Lampung, the Tambling Wildlife Nature Conservation.

49. $805 million
Luntungan Honoris (64)
Modern Group

Luntungan has seen his Modern Group, now led by holding company PT Modern Internasional Tbk., develop into a large corporate entity with diversified interests. Modern Group hit the big time as the sole distributor of Fuji Film products in the early 1960s, and as technology developed the group made a swift transition from developing film to printing digital photographs. The company now has a wide footprint in the digital market with interests in digital imaging, medical imaging and printing businesses. More recently the company took its extensive experience in retailing into play with the 7-Eleven franchise, which proved an instant hit in Jakarta. In property, PT Modern Realty Ltd. Tbk. controls three housing developments, a hospital and a golf course. In natural resources, the company’s latest venture, subsidiary PT Bumi Modern Sejahtera owns two nickel mines with production of 1 million tons in North Sulawesi and plans to build three nickel smelters with Chinese partner Baosteel. Modern Internasional made Rp39 billion in net income last year, with another Rp260 billion coming from the property unit. Luntungan and his family are active in Jakarta business and social circles.

50. $765 million
Alexander Tedja (68)
Pakuwon Jati

Founded in 1982, Pakuwon Group is a major player in the property sector and claims to be to be the pioneer of the integrated property development concept in the country. Pakuwon, which recorded net income in 2012 of Rp748 billion on the back of Rp2.17 trillion revenue, has always demonstrated a knack for placing itself in strategic areas in Indonesia’s two largest cities, Jakarta and Surabaya. Popular Tunjungan Plaza is strategically located in the heart of Surabaya and, despite the fact that it is already the largest operation of its type in eastern Indonesia, it still has plenty of space for further development of condos and a hotel. In Jakarta, its recently completed Kota Kasablanka mixed-use building is already a popular destination for Jakartans. Daughter Irene Tedja is married to Murdaya Poo’s son, Prajna Murdaya.

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