GlobeAsia 100 Top Groups 2017 i

By : rudi_pandjaitan | on 2:27 PM August 09, 2017
Category : Cover Story, GlobeAsia Lists

1

Jardine Matheson/Astra International

Foreign/UK

Automotive, plantations, mining

Henry Keswick

$13.6 billion

Jardine’s expansion throughout Asia has helped lead the company to become one of the continent’s fastest-growing conglomerates over the past ten years. In Indonesia, Jardine’s expansion has concentrated on its ownership of diversified Astra International and the Giant hypermarket and supermarket chain. In hospitality, the group owns and operates the Mandarin Oriental Hotel on Jakarta’s iconic central roundabout on Jl. Thamrin. Despite the slowdown in the economy, recently Astra International has managed to improve its revenue streams in its automotive business and agribusiness and is looking at a bigger role in infrastructure development, with existing interests in toll roads, water management and the logistics business. The group has set aside about $1.6 billion for a variety of infrastructure projects.

 

2

Salim Group/First Pacific/Gallant Venture/Brantwood

Private

Food, telecommunications, automotive, property, infrastructure and mining

Anthoni Salim

$11.8 billion

Arguably the world’s largest instant noodle-maker, the Salim Group is currently expanding into e-commerce and coffee. The group controls more than 14,000 Indomaret mini markets throughout the nation in just one of its operations outside its core business of fast-moving consumer goods. Recently the group acquired a 51% share in small lender Bank Ina Perdana as part its strategy to develop an e-payment system in response to the growing cashless society. The system and its business digitalization process will be introduced mid-year with the group’s 500,000 employees, incorporating fingerprint identification in collaboration with its Japanese partner Liquid. The acquisition marks the group’s comeback to the banking business, after losing Bank Central Asia in the 1998 monetary crisis. The group is keen to keep expanding in Asia, particularly in countries where it already has a strong foothold, such as Indonesia, Malaysia and the Philippines.

 

3

Djarum Group

Private

Banking, cigarettes, plantations, electronics

Robert B. Hartono & Michael Hartono

$8.4 billion

Banking continues to represent the group’s main income producer, with Bank Central Asia contributing about $6 billion last year, thanks to its aggressive strategy to serve customers in major urban centers. BCA is a leader in financial technology and has pioneered systems for customers to settle payment transactions using e-money. Third-generation family members Arman Hartono as vice president director at BCA, the country’s second largest bank by assets, and Martin Hartono with a strong interest in technology have helped the transformation to a digital bank. The group’s original core business, cigarettes, represents the second-strongest cash machine, controlling nearly 20% of market share. Plantation unit Hartono Plantation has suffered from stagnant crude palm oil prices over the past three years but still contributes to consolidated revenue. Another jewel in the Djarum crown is telecommunication tower business PT Sarana Menara Nusantra Tbk., with more than 40% market share.

 

4

Sinar Mas Group

Private

Pulp and paper, agribusiness, energy, property, financial services

Eka Tjipta Widjaja

$8.3 billion

While its resources-based business, centered on Smart and Asia Pulp & Paper and their associated companies, continues to grow, the group is diversifying into the European property market. It recently bought the 33 Horseferry Road property in London valued at about $270 million. In the home market, the group continues to expand its property business under Sinarmas Land. Last year it launched a “future city” development with a digital hub at its 6,000-hectare BSD development on the southern edge of Jakarta with investment of about $500 million. Under the leadership of Fuganto Widjaja, grandson of patriarch Eka Tjipta Widjaja, going forward the group will focus on infrastructure, telecoms, education and healthcare as it consolidates leadership among the third generation of the family. With palm oil prices and global commodity prices still struggling, the group is scaling back its capital expenditure in those areas.

 

5

Philip Morris International/Altria Group

Foreign/US

Cigarettes

$7.1 billion

Phillip Morris International still sees Indonesia as its best investment through its acquisition of HM Sampoerna because the country is a global leader in the number of active smokers. The government claims 90 million Indonesians across the social scale continue to smoke and there is little sign of pressure to curb the habit. That’s music to the ears of Philip Morris, whose cigarette brands control around 40% of the market. The aggressive campaigns of the anti-tobacco movement have failed to make much impact and the government is reluctant to make life tough for an industry that employs millions of people in tobacco-growing, cigarette manufacturing and distribution. That may change: on May 16, the Health Ministry’s Research and Development Agency head Siswanto said Indonesia suffers at least Rp500 trillion in losses per year due to the direct and indirect impact of smoking, far more than the country gains in tobacco excise.

 

6

Lippo Group

Private

Property, retail, healthcare, education, media, e-commerce

Mochtar Riady

$6.8 billion

One of Indonesia’s most innovative business groups, Lippo Group is a major presence across almost all consumer sectors including property, communications, healthcare, retail, education and technology. The group employs more than 130,000 people and serves in excess of 100 million Indonesians annually. Recently the group successfully launched its $6 billion New City Meikarta township development in Cikarang, the heart of Indonesia’s largest industrial and manufacturing base. The other two major initiatives for the Group this year is in healthcare — where Siloam Hospitals continues to expand and solidify its market leadership position with 31 hospitals and growing — and technology, where the Group is expanding into eCommerce and financial technology.  The group sets aside about $100 million a year for its philanthropic activities, which include scholarships to help needy students from the remote parts of Indonesia.

 

7

Gudang Garam Group

Private

Cigarettes, palm oil

Susilo Wonowidjojo

$ 6.5 billion

Indonesia’s second-largest cigarette-maker after Philip Morris’ HM Sampoerna keeps growing and has expanded into a variety of businesses including plantations, energy, pulp and paper and property. The family controls its palm oil plantation business through Matahari Kahuripan (Makin Group), with more than 130,000 hectares planted in Sumatra and Kalimantan. The group produces specialty papers and packaging for its cigarettes while PT Surya Madistrindo is the sole distributor of the company’s products. The group is moving into the property sector with office buildings including Gudang Garam Tower in Jakarta and some residential projects in eastern Java and Bali. Early this year the group said it planned to develop an airport at its hometown of Kediri in East Java.

 

8

Royal Golden Eagle

Private

Pulp & paper, palm oil plantations

Sukanto Tanoto

$5.1 billion

Resource-based business continues to represent the cash machine of the group. In total the group produces more than 4.6 million tons of pulp and paper through APRIL and Asia Symbol in China, in addition to its cellulose specialty paper products at its subsidiary Bracell. The group claims to adopt eco-friendly operations in its plantation and mills in Sumatra. Its energy interests are managed by Pacific Oil and Gas, which operates the 780-MW CGT Xiamen power plant in China as well as a gas well at Jambi Merang. The group’s pioneering education program provides scholarships for Indonesian graduate and post-graduate students, earning significant respect. Founder Sukanto Tanoto is handing operation of the business to offspring Anderson, Imelda T, Belinda and Andre Tanoto.

 

9

Temasek Group

Foreign/Singapore

Banking, telecommunication

Government of Singapore

$3.5 billion

Singapore is a major foreign investor in Indonesia, with interests in a wide range of businesses through its investment arms, of which the most prominent is Temasek Group. It controls more than 67% of shares in Bank Danamon, which in turn controls finance operation Adira, and through its subsidiary SingTel has a significant holding in Indonesia’s leading telco, Telkomsel. Early this year, Temasek Holding’s CEO Ho Ching visited Indonesia to discuss pumping more investment to develop tourism sites close to Singapore, including popular Batam and Bintang islands, as well as the less developed Nipa and Tolop islands.

 

10

Alfamart Group/Sumber Alfaria Trijaya

Private

Modern retail

Djoko Susanto

$3.4 billion

The group’s retail business continues to outstrip competitors including Salim Group’s Indomart and controls a total of 10,300 stores across the country. Besides Alfamart, the group operates the Alfamidi chain through PT Midi Utama Indonesia, which itself has more than 1,000 outlets. Now expanding elsewhere in ASEAN through its subsidiary Alfamart Retail Asia, the group is managing 600 Alfamart outlets in the Philippines. The group also has indirect operations in pharmacy trading through PT Sumber Medika Lestari. In April, Alfamart operating company Sumber Alfaria Trijaya said it was planning to raise Rp1 trillion from a bond sale to refinance debt.

 

11

CT Corpora

Private

Finance, media, retail, property

Chairul Tanjung

$3.3 billion

There has been speculation that some of CT Corpora’s subsidiaries in retail and finance have cash-flow problems that have led to lay-offs of employees but the group controlled by Chairul Tanjung is still doing good business in the retail sector. His Carrefour outlets are in the process of being named Transmart following the purchase from the French chain, and on July 18 the group announced that it would build an additional 30 stores this year at a cost of Rp12 trillion, adding to its existing 90 outlets. In the property sector the group has three major projects: TransCibubur, a $250 million mixed-used development and other projects at Bintaro and Bekasi. A 1,000-hectare land bank in the Jakarta area will help the group achieve its ambition to become a leading player in the sector over the next five to ten years.

 

12

Bakrie & Brothers

Private

Mining, telecommunications, property, manufacturing, toll roads

Aburizal Bakrie

$3.2 billion

The group’s business operations have many strong players but it continues to suffer from growing debt in its energy operations. Its pipe business still leads the sector, producing more than 200,000 tons of pipe which it sells to local and world energy operators through Bakrie Metal Industries. The group is also active in building materials and automotive parts and is involved in the toll road project from Cimanggis in Bogor to Cibitung in Bekasi in West Java. Coal miner Bumi Resources continues to struggle with a mountain of debt and the group’s public company is submerged under a total $10 billion of debt.

 

13

Unilever/Mavibel BV

Foreign/Dutch

Consumer goods

$3 billion

As the largest consumer goods producer in the country, Unilever has invested more than $700 million in Indonesia over the past eight years and intends to sink a further $500 million into the country over the next five. The company, operating in Indonesia since 1933, opened its new headquarters building in BSD City in Tangerang on June 21. The group now has more than nine plants across the country and is actively working with 9,000 farmers to guarantee supplies. The company has proved resilient in the face of slower economic conditions and in the first quarter of 2017 booked Rp10.84 trillion in sales, an 8.5% increase from the same period last year. Profit in full-year 2016 was Rp6.37 trillion.

 

14

Charoen Pokphand

Private

Animal feed

Sumeth & Benjamin Jiaravanon

$2.8 billion

Charoen Pokphand is the largest chicken feed producer in the country with its core business of feed, day-old chicks (DOC) and processed poultry. It is building the country’s largest dry port terminal in Surabaya in partnership with state-owned PT Pelindo III.  The group has 100,000 hectares of palm plantation in West Kalimantan through PT Central Palma Plantation and is engaged in trading and the beverage business through PT Singa Mas Indonesia. This year a plan to acquire the 7 Eleven convenience store chain from PT Modern Sevel Indonesia, a unit of PT Modern International Tbk., fell through, with the stores then forced to close.

 

15

Wings Group

Private

Consumer goods, property, plantations

Eddy William Katuari

$2.7 billion

Wings is one of the three giants in the consumer products business with Unilever and ABC Group. Its products range from baby care to detergents and food. Early this year the group launched an ice cream business in collaboration with Japan’s Ezako Gloco in a bid to grab part of the 16% yearly growth in the ice cream industry in Indonesia.  The initiative adds to the enormous range of products already produced by Wings, which was founded 60 years ago in East Java. Over the years the group has expanded into property, plantations, oleo-chemicals, ceramics and packaging. The group exports to more than 80 countries including many in Africa and the Middle East. It competes with Salim Group’s Indofood as the second largest producer of instant noodles in Indonesia.

 

16

Triputra Group

Private

Mining, plantations, finance, transportation

TP Rachmat

$2.69 billion

Teddy Rachmat has built the Triputra Group into one of Indonesia’s largest and most diversified business groups. His latest venture, Apparel One Indonesia, a clothing manufacturer for brands such as Esprit, Ralph Lauren, Mexx and Adidas, has built a second factory in Semarang, Central Java. The new plant will increase the company’s total capacity to 21 million pieces with an export value of Rp1.3 trillion a year. Triputra is a major player in palm oil and rubber plantations, logistics and transportation. In the rubber business, Triputra is now one of the country’s largest players, while in coal mining it has a significant stake in Adaro, the country’s second largest coal miner.

 

17

Adaro Energy

Private

Mining, power

Edwin Soeryadjaya, Garibaldi ‘Boy’ Thohir, TP Rachmat

$2.5 billion

Coal prices are rebounding, as reflected in the share price of Indonesia’s second largest coal producer, Adaro. The group produced a 126% boost in net profit to $341 million in 2016, helped by a 14% drop in cost of revenue. The company then posted a 63% rise in profitability in the first quarter of this year compared to the same period of 2016. Adaro is part of an industry-wide push to move into the energy business to provide a guaranteed market for its coal. Adaro Energy finance director David Tendian said earlier this year that the company wants to see profit coming equally from mining, logistics and services and power sectors within the next decade. The group also plans to grow its clean water business, where it has an existing operation with state-owned Adhi Karya in Lampung. It now plans to open in Kediri in East Java and other big cities in Indonesia.

 

18

Standard Chartered Group

Foreign/UK

Banking

$2.4 billion

The British-based bank has a 45% stake in PT Permata in a joint venture with Astra International. Meanwhile StanChart’s Indonesian operation has been led by Rino Donosepoetro since September last year. He has stated that technology will transform interaction between banks and clients to improve banking functions such as trade and investment finance. This year, StanChart received the Indonesia Digital Innovation Award 2017 for the financial industry in the foreign bank category. The bank won the award for successfully implementing financial technology (fintech) innovations based on research conducted by Warta Ekonomi Intelligence Unit. The bank has launched Straight2Bank Wallet, a mobile service for corporate clients, multinational companies, non-bank financial institutions and fast-moving consumer goods (FMCG) companies.

 

19

Qatar Investment Authority/Indosat Ooredoo

Foreign/Qatar

Telecommunication, finance

$2.2 billion

The Qatar Investment Fund controls 65% of shares in Indosat Ooredoo, a leading mobile services provider. This year, to meet growing demand for innovative mobile data and entertainment services, Indosat Ooredoo is partnering with pay-TV operator Nexmedia in a strategic program called ‘NexSat Combo’ which integrates internet services with pay TV. It is a member of a consortium with AARNet, Google, ISingtel, SubPartners and Telstra which is partnering with Alcatel Submarine Networks (ASN) to build an undersea fiber-optic cable network linking Singapore, Indonesia and Australia. Once completed, the new fast Indigo 18-terrabyte cable network will strengthen communication between Australia and Southeast Asia. At QNB Bank, the investment fund partners with Aksa Mahmud’s Bosowa Corporation.

 

20

Gajah Tunggal Group

Private

Tires, retail, manufacturing

Sjamsul Nursalim

$2.1 billion

The Gadjah Tunggal Group has a range of interests including tire production, automotive parts and a strong suit in retail through PT Mitra Adi Perkasa (MAP), although it has recently been slimming down its huge collection of brands in that area. This year, MAP announced a 14.2% surge in net revenue for the first quarter of 2017. The group also has interests in consumer goods, among others producing disposable diapers, and in property. Gadjah Tunggal is believed to control significant shares in Indonesia’s second-largest animal feed maker, Japfa Comfeed Group.

 

21

Japfa Comfeed

Private

Animal feed, property

Handojo Santoso

$2.1 billion

The group, controlled by Handojo Santoso and his family, is focused on animal feed production and trading. The group also operates Japfa Ltd., a listed Singapore investment holding company. Subsidiary AustAsia, a dairy producer, operates in China and Indonesia, with products marketed under the Greenfields brand. The group is 61.90% owned by Handojo Santosa and the remainder by Cargill subsidiary Black River Asset Management. The group also has interests in property through Japfa Indoland and Jakamitra Indonesia, with high-end properties in Jakarta. Japfa Comfeed and Cargil have also established PT So Good Food Indonesia which produces and exports Real Good brand milk from its plant in Boyolali, Central Java. PT Japfa Comfeed was the recipient of the Top CSR 2017 Award.

 

22

Indorama Synthetics group

Private

Petrochemicals, textiles

Sri Prakash Lohia

$2 billion

The group has been in Indonesia for more than 40 years, with its headquarters at Purwakarta in West Java. Over that time it has developed extensive capacity in the synthetic textiles sector that has allowed it to develop a worldwide empire. The group has operations in India, Sri Lanka, Africa, Thailand, Senegal, Turkey and Uzbekistan which founder Sri Prakash Lohia runs from his base in London, assisted by his son Amit. Indorama is a global concern with annual revenues exceeding $10 billion. The group is the world’s largest producer of PET resin, used in plastic bottles, and of synthetic disposable gloves, where this year Indorama has injected $25 million into subsidiary PT Medisafe Technologies to build its sixth plant at its North Sumatra complex.

 

23

Tiphone Mobile Indonesia

Private

Manufacturing, distribution

Hengky Setiawan

$2 billion

Tiphone Mobile Indonesia Tbk. is Indonesia’s largest telephone voucher distributor and now works with ride-hailing mobile application Go-Jek and cellular operator Telkomsel, launching Go-Pulsa last year in a bid to expand its customer base. Up until now, the company’s main business focus has been trading of cellular phones and spare parts, accessories, recharge vouchers as well as repair services and content provision. Most consolidated revenues come from recharge vouchers and mobile phone sales but Tiphone also sees potential in the development of business content and after-sales services as an integrated provider of tools and services in the telecommunication industry. Founder and president commissioner Hengky Setiawan is a collector of sports cars and vintage Vespa scooters.

 

24

Barito Pacific Group

Private

Petrochemicals, forestry, plantations

Prajogo Pangestu

$1.9 billion

The group founded by Prajogo Pangestu controls the Chandra Asri Petrochemicals Complex, the country’s largest, and is now expanding its interests in geothermal energy. In April a consortium led by subsidiary Star Energy completed a $2.3 billion acquisition of two West Java geothermal power plants from global energy giant Chevron. The transaction was part of a $3 billion takeover of three of Chevron’s geothermal assets in Indonesia and the Philippines. Star Energy teamed up with AC Energy, a unit of Philippine banking and property conglomerate Ayala Group, and Thailand’s Electricity Generating Public Company in the deal, which gives it a 68.31% stake. In March Barito Pacific secured a $250 million loan from Bangkok Bank to support its plan to acquire Star Energy, which was already an affiliated company. Meanwhile Chandra Asri is currently being expanded to double its annual production capacity to 2 million tons of ethylene. It plans to invest a total of $6 billion into a number of projects over the period 2016-2021.

 

25

ABC Group

Private

Industry, consumer goods

Husain Djojonegoro

$1.8 billion

A major player in the fast-moving consumer goods sector, ABC Group started off in batteries, energy drinks and other day-to-day needs. Now it controls sprawling interests in chemicals, pharmaceuticals, printing, property, hotels and investment. It has production facilities in Medan, Jakarta and Surabaya. The group is controlled by Husain Djojonegoro and brothers Hamid and Pudjiono. It produces popular drink brands such as Kratingdaeng, Tango, Kiranti and hundreds of other lines. The group has cross-ownership with the Orang Tua Group, which produces and distributes some of the consumer products. Their latest product is Nu Oceana, a rehydration beverage derived from natural salt and lemon without the use of preservatives or artificial coloring.

 

26

Panasonic Gobel Group

Private

Electronics, property

Rahmat Gobel

$ 1.7 billion

Panasonic Gobel is the market leader for household electronic goods in Indonesia. It is also developing new manufacturing capacity with health equipment products in collaboration with Panasonic Japan, producing equipment like glucose monitors, medical imaging monitors, dental intra-oral cameras, incubators and ultra-low temperature freezers. It is pioneering sustainable energy solutions using photovoltaic panels linked to toxic waste-free dry batteries at Panasonic Gobel Energy Indonesia. The group is also developing interests in the property sector through Panahome Gobel Indonesia, providing environmentally friendly homes. In 2017, Panasonic pioneered the introduction of digital single-lens mirrorless (DSLM) cameras to meet growing demand for photography and videography with its Lumix DC-GH5 model.

 

27

Maybank Indonesia

Maybank Malaysia

Financial Services

$1.7 billion

Malayan Banking, which has changed the name of its Indonesian operation from Bank Internasional Indonesia, has opted to maintain WOM Finance as a subsidiary after a failed attempt to acquire its shares by PT Relience Capital Management. The bank has performed well since its re-branding, and recently issued negotiable certificates of deposit (NCD) to further bolster its capital. Related company Maybank Islamic Bhd. was named Islamic Bank of The Year 2017 by London-based financial publication The Banker. The bank’s steady growth in Singapore and Indonesia also contributed to its recognition as the best in Asia-Pacific. Maybank Indonesia recorded Rp490.1 billion ($36.8 million) in net profit in this year’s first quarter, a 10.4% improvement on the same period last year.

 

28

Bank Panin Group

Private

Financial services, property

Mu’min Ali Gunawan

$1.7 billion

Bank Panin Group is one of Indonesia’s oldest privately controlled financial groups. Founder Mu’min Ali and his family continue to be the majority shareholders of the seventh largest lender in Indonesia. Panin Bank has joined the move to digital banking with the launch of an integrated online and mobile service that offers tight security controls. The bank saw its net profit jump by 26.9% year-on-year in the first quarter of 2017 to Rp760.41 billion ($57.1 million), driven by higher net interest income and other operational income. Last year Dubai Islamic Bank (DIB) increased its stake in Bank Panin Syariah to 40% with plans to expand the syariah banking footprint in Indonesia. That has prompted a change of name to become PT Bank Panin Dubai Syariah Tbk.

 

29

XL Axiata Group

Private

Telecommunications

$1.6 billion

Malaysian telco company Axiata has expanded aggressively in Indonesia to tap increasing data business. In Indonesia Axiata Group controls 66.4% of shares in XL, with the rest held by the public. Battling for second place in number of subscribers with Indosat, both are well behind market leader Telkomsel. XL is strengthening its 4G LTE data services ecosystem this year in a bid to become a “Digital Focus Company.” It is also developing 4.5G infrastructure to support its latest ‘5G Xperience Zone’ program to introduce its subscribers to 5G technology. In April, Axiata signed a four-year lease on capacity and teleport services with IPSTAR International Pte. Ltd., a subsidiary of Thaicom Public Company Ltd. The deal gives Axiata Business Services capacity on the IPSTAR-1 broadband satellite to boost enterprise broadband services in Indonesia.

 

30

Heidelberg Cement Group/Indocement

Foreign/Germany

Industry

$1.55 billion

Indonesia’s second largest cement producer is hoping to finally move forward after a difficult period for the industry caused by over-capacity as producers rushed to expand production while demand faltered. With the push for improvements in national infrastructure, the company is banking on increased consumption of cement in 2017. The group also hopes funds that entered the country as part of the tax amnesty will be moved out of the banks and help bolster the national infrastructure program, while falls in housing loan interest will help the property sector gain momentum. The operator of 13 cement plants across the country has put aside Rp510 billion for capital expenditure this year, according to president director Christian Kartawijaya.

 

31

Argo Manunggal

Private

Property

The Ning King

$ 1.5 billion

The group has sprawling business interests in textiles and garments, producing uniforms and branded fashion lines, as well as in property, financial services and construction materials, producing zinc, pipes and steel. In the poultry business, the group produces more than 34 million day-old chickens per year, competing with other major operators such as Charoen Pokphand and the Malindo Group. In the financial sector the group operates multi-finance company Daya Sembada Finance. In property, the group has a controlling stake in Alam Sutera Realty and the Bekasi Fajar Industrial Estate. Alam Sutera is a popular residential and lifestyle community on the south-western edge of Jakarta. With a total area of 1,100 hectares, it is regarded as one of the most successful housing developments in Indonesia.

 

32

Kalbe Farma Group

Private

Pharmaceuticals, healthcare

Boenjamin Setiawan

$1.4 billion

Kalbe Farma Group, Southeast Asia’s largest pharmaceutical company, is branching out from its core business into hospitals, where its Mitra Keluarga chain is now contributing strongly to company revenue. The company has also made good progress with its international operations. Kalbe Farma is forging ahead with stem cell research, an initiative driven by company founder Dr. Boenjamin Setiawan, and has developed a sophisticated laboratory in cooperation with a number of parties. The company at its shareholders’ meeting in June agreed to distribute a cash dividend of Rp1.03 trillion, 44.8% of its 2016 net profit.

 

33

Bentoel Investama/BAT

Foreign/UK

Cigarettes

$1.4 billion

Despite having a firm foothold in a country with one of the world’s largest populations of smokers, the company is experiencing lackluster sales performance. The Bentoel brand is an also-ran in competition with Philip Morris’ Sampoerna and Gudang Garam’s products. Increasing health concerns are also impacting potential growth, although the government remains cautious about raising taxes too far on an industry that supports millions of workers across production and distribution. To counteract the continued downturn, owner British American Tobacco has decided to inject more capital into subsidiary PT Bentoel Prima to bolster product range and improve business prospects.

 

34

Mayora Indah

Private

Consumer foods

Jogi Hendra Atmaja

$1.3 billion

The group is expanding its international exposure, which already stretches to 60 countries around the world.  Coffee products are a major sales item and this year featured at the World of Coffee exhibition in Budapest, Hungary. Mayora is building a new manufacturing plant in Balaraja, Banten, which it expects to see start operations next year. In total, it is spending Rp700 billion this year on capital expenditure, some of which will go on high-tech machinery. It also plans to diversify its product lines, using more locally-sourced raw materials, according to president director Hendrik Polisar. The company is targeting around Rp20 trillion in net sales this year, a 9.6% increase compared to last year’s figures.

 

35

Indo Tambangraya Megah tbk/Banpu Minerals

Foreign/Thailand

Coal mining, energy

$1.3 billion

Aside from its coal operations, Indo Tambangraya Megah Tbk. (ITM) is active in the power generation business. Starting with 2X7 MW in plants at Bontang in East Kalimantan, parent company Banpu Group in Thailand is now eyeing the energy business across the region with plans to invest $6 billion in ASEAN countries in the next five years. In 2017, ITM has successfully gained traction as coal prices rise. In the first quarter of the year, it achieved 5.4 million tons of output, slightly better than a target of 5.3 million tons. The average coal price during the first quarter of 2017 was $67.5 per ton, 42% higher than $47.7 in the same period last year.

 

36

Bosowa Group

Private

Industry, infrastructure, finance, energy

Aksa Mahmud

$1.2 billion

From its base in South Sulawesi, the group is expanding strongly with a concentration on eastern Indonesia. It sells Mitsubishi cars throughout the eastern part of the country and the opening of the group’s cement and LPG terminal in Bayuwangi regency marked its expansion to the East Java market. In total, the group has a cement production capacity of 7.2 million tons a year. In power, it operates a 2x125 MW steam-powered power plant at Jeneponto, and has port operations at Makassar, Banyuwangi and Jeneponto. In financial services, it became the controlling shareholder in mid-ranked Bank Bukopin in 2015 and partners with Qatar National Bank (QNB) in QNB Indonesia Bank. The group also operates insurance, securities and multi-finance units. In Makassar, it boasts the city’s largest office building, Bosowa Tower, and has residential and hotel interests.

 

37

TNT Group

Private

Property, finance, energy

Thohir family

$1.2 billion

The group has weathered the death of founder Teddy Thohir in November last year. Garibaldi ‘Boy’ looks after the group’s significant interest in the Adaro Energy coal empire, while brother Erick recently led a group to invest Rp2 trillion to gain full ownership of Asuransi Jiwa Bumiputera. Erick has stepped down as president of Milan football club Inter after selling most of his shares to China’s Sunning Group, and instead will help Indonesia stage the Asian Games. Back on the business front, the wide scope of industries the group has interests in gives it an edge in the current market. Media group PT Mahaka Media recently integrated its media titles and the family is moving into the property business. An automotive and finance sector is run by Wahana Artha Harsaka and a move into restaurants has been mooted.

 

38

Lion Air Group

Private

Aviation

Rusdi Kirana

$1.2 billion

Constant reputation issues have done nothing to dent Lion Group’s success, with the group continuing to expand. On July 4, it welcomed the country’s first Boeing 737 MAX-8 aircraft, with more than 200 on order. If all that many planes won’t fit on the aprons of Indonesian airports, the group also has major interests in Malaysia-based Malindo Air and Thailand-based Thai Lion Air. At home it operates Lion Air, Wings Air, full-service Batik Air and Lion Bizjet. While founder Rusdi was upset at the refusal of aviation authorities to let him build a massive new freight airport at Lebak in Banten province, and threatened to take his business elsewhere, he was happy to be inaugurated as ambassador to Malaysia in May. His business received a major boost in March, when Lion Air finally passed the International Air Transport Association’s (IATA) Operational Safety Audit (IOSA).

 

39

Ciputra Group

Private

Property

Ciputra family

$ 1. 4 billion

Making a major splash after completing its high-profile merger of three of its publicly listed companies, Ciputra Development, Ciputra Surya and Ciputra Property, the country’s pioneering property developer is working with Japan-based Mitsui Fudosan Residential to develop a super-block at CitraRaya in Tangerang, Banten. The development will include a shopping center with a lifestyle concept called ECOPlaza. The joint venture will also develop a residential apartment complex consisting of four towers. The group is also planning on launching further development projects this year.

 

40

AKR Corporindo

Private

Logistics, infrastructure, power

Haryanto Adikoesoemo

$ 1.1 billion

One of Indonesia’s leading integrated supply chain providers, the group specializes in trading in petroleum and basic chemicals. It is now expanding its product lines to include aviation fuel in a deal with BP.  President director Haryanto Adikoesemo noted that the aviation industry in Indonesia is on the rise. He also said the company would invest more to expand into the retail fuel business. Haryanto said in April that the group’s venture into industrial estates, through the Java Integrated Industrial and Port Estate (JIIPE) in Gresik, East Java, is already contributing to revenue. He said he expected that over the next five years, JIIPE would contribute up to 25% to revenue, up from the current level of 10%. The group is targeting 40% growth in net revenue this year to Rp21 trillion ($1.58 billion).

 

41

Gunung Sewu Group

Private

Agribusiness, property, energy, insurance

Husodo Angkosubroto

$973 million

The big agribusiness and fruit processing player is working to boost output and increase efficiency to tap not only the domestic market but also to expand its export performance. This year it is opening a new corporate headquarters, part of its property portfolio managed by Farpoint Realty. It is the major shareholder in Sequis Insurance, one of the biggest Indonesia-based companies in the industry. In manufacturing, the group started out with the successful National Label business and now also produces shoes and Zen brand porcelain household goods mainly for export markets, as well as Yupi brand candy. The group also has interests in energy and IT services.

 

42

MNC Investama

Private

Media, finance, property

Hary Tanoesoedibjo

$970 million

Politically ambitious Hary is under pressure, with his opponents working to block him from exerting influence. A court on July 17 threw out a pre-trial appeal he lodged in an attempt to block prosecution over allegedly threatening text messages he sent to an attorney involved in a case concerning his ailing telecom company Mobile-8. He has been banned from leaving the country over the case. It’s not clear that Hary has much time for business these days, having been closely associated with the election victory of Anies Baswedan in the Jakarta gubernatorial election this year. He has however made some progress in achieving trademark registration for major resort projects in Bali and West Java to which US President Donald Trump has agreed to lend his name.

 

43

Persada Capital Group

Private

Investments

Arini Saraswaty Subianto

$960 million

Founder Benny Subianto passed away in January this year, after a remarkable career in which he helped build the Astra International empire and went on to found the Triputra Group with fellow Astra graduate T.P. Rachmat.  In his absence, his heirs continue to control a slice of Indonesia’s second largest coal mine, Adaro Energy, which is expanding strongly into power generation and water treatment. Persada also has strong interests in agribusiness and healthcare. Its main role is to ensure professional management of companies in which it has interests.

 

44

Tunas Ridean

Private

Automotive distributor

Anton Setiawan

$936 million

Tunas Ridean is controlled by the Anton Setiawan family. The group’s subsidiaries include Surya Sudeco, Tunas Rental and consumer finance operation Mandiri Tunas Finance. The core business of Tunas Ridean Group is as an authorized dealer for automotive brands Toyota, Daihatsu, BMW and Peugeot, as well as Honda motorcycles. The group will keep expanding its reach to customers by opening more outlets in some big cities this year. In total the group sold of more than 51,000 cars or about more than 5% out of national total sales and 250,000 motorcycles with total financing worth about Rp18 trillion.

 

45

Arsari Group

Private

Plantations, foresty, mining, oil and gas

Hashim Djojohadikusumo

$920 million

The Arsari Group has interests including agribusiness, plantations, finance, tin mining and renewable energy. A victim of the 1998 economic crisis, Hashim went offshore and returned home with a new stock of capital derived from the oil business in Kazakhstan. One of his major areas of interest is agribusiness, with significant holdings in West Sumatra, South Sumatra and West Kalimantan, while he is growing maize in Sumba in eastern Indonesia and Kalimantan. He is developing renewable energy derived from aren (arenga pinnata) trees and developing technology for innovative hydropower solutions. Arsari is now expanding with a drinking water treatment system in East Kalimantan’s Balikpapan, combined with a sustainable power generation program, which in turn will feed more agribusiness ventures.

 

46

FKS Multi Agro

Private

Animal feed, trading

Era Investama Cemerlang

$915 million

The group has steadily and quietly worked on its business and is a powerful player in soybean import trading, at one stage attracting the attention of the Business Competition Supervisory Commission (KPPU). Recently, it has been working with state-owned port operator Pelindo at Surabaya on construction of a $30-million 100,000-metric-ton warehouse storage complex to strengthen distribution channels through East Java. In another move, the company recently announced it would develop corn plantations in Bual-bual in East Kutai regency, East Kalimantan.

 

47

Medco Energi

Private

Oil & Gas, energy

Arifin Panigoro

$896 million

Tycoon Arifin Panigoro’s Medco Energy Group is still expanding with its strategic growth plan. With increasing revenues this year, the group plans to boost gas production from its gas sites in Aceh. It will also plan to start drilling in South Natuna Sea for hydrocarbon production. The group’s Newmont mineral business will also plan to increase gold and copper production while pushing ahead with its smelting project. Medco operates nine oil and gas blocks in Indonesia and has operations in Libya, Oman, Papua New Guinea, Tunisia, Yemen and in the Gulf of Mexico in the United States. The company also operates geothermal and gas power plants for state electricity company PLN.

 

48

OCBC-NISP

Foreign/Singapore, OCBC

Banking

$883 million

Singapore’s OCBC enjoys momentous growth for the last two years. With its strategic plan, the bank reaches out to more small and medium businesses. Bank OCBC NISP was established in 1941 with a sound reputation from its base in Bandung, West Java. OCBC now owns 85% of Bank OCBC NISP. As a gateway bank in the government’s tax amnesty program, the bank has successfully collected about Rp 2.3 trillion and saving about Rp 8.5trillion from asset repatriation. Its new private banking service strengthens the bank’s position as a leading wealth management services provider and also as a strategic step to provide comprehensive financial solutions to the affluent segment in Indonesia.

 

49

HSBC Group

Foreign/UK

Banking

$872 million

A major group in international corporate and retail banking and a seasoned player in Indonesia’s banking scene, in April the bank merged its local entity with Bank Ekonomi Raharja, under the name PT Bank HSBC Indonesia. The bank bought the small operator in 2009 and Bank HSBC Indonesia president director Sumit Dutta said the integration process had involved investment of more than $1 billion, underlining the group’s commitment to the country. The merger gives HSBC a larger reach across Indonesia. The group was recently honored by Euromony magazine as the World’s Best Bank for 2017.

 

50

Kompas Gramedia Group

Private

Media, hotels

Jakob Oetama

$850 million

Kompas Gramedia has adapted well to falling revenue from the printed media, where it controls an enormous range of titles, and has moved successfully into digital media. It recently launched an entertainment news portal, Grid.id, to further develop its digital media and has acquired Scoop, an emerging e-book startup. It also maintains bookstores and publishing businesses, while its decision in 1981 to enter the hospitality business has paid off well. Its Santika hotel chain now stretches across Indonesia, while the group is also active in real estate, production of tissue paper and in the travel business.

 
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