The Richest Coal Magnates in Indonesia - Forbes 50 Richest People List 2024

Intan Rakhmayanti Dewi, CNBC Indonesia

Market

Saturday, 02/10/2024 17:15 IWST

Jakarta, CNBC Indonesia – It is recorded that a number of conglomerates in Indonesia are on the list of the richest people because of the coal business. They even have “unlimited” assets from the business.

Here is the mining king of RI summarized by CNBC Indonesia:

Low Tuck Kwong

Dato’ Low Tuck is an Indonesian businessman and owner of PT Bayan Resources Tbk (BYAN), a company operating in the coal mining sector. BYAN is the coal issuer with the largest capitalization on the domestic stock exchange. It is recorded that its market capitalization currently reaches IDR 658.33 trillion.

Quoting the Forbes 50 Richest People List, Monday (15/1/2024), Low Tuck Kwong has assets of US$27.2 billion or the equivalent of Rp. 422.79 trillion. He is listed as the 3rd richest person in Indonesia behind the Hartono and Prajogo Pangestu families.

Widjaja family

The family headed by the late Eka Tjipta Widjaja controlled the Sinar Mas Group, one of the conglomerates during the New Order era. The Sinar Mas Group owns PT Dian Swastika Sentosa Tbk (DSSA) which operates in the energy and infrastructure sector.

DSSA subsidiary, PT Golden Energy Mines Tbk. (GEMS) and Golden Energy and Resources Ltd. (GEAR) is a coal contributor. GEAR not only has mines in Indonesia, but also acquired mining assets in Australia, namely Stanmore Coal. Eka’s son, Franky Oesman Widjaja, became the Main Commissioner of DSSA.

The Widjaja family’s wealth reaches US$ 10.8 billion or the equivalent of Rp. 168.3 trillion.

Garibaldi Thohir

The brother of BUMN Minister Erick Thohir, together with TP Rachmat and Edwin Soeryadjaya, founded the giant issuer PT Adaro Energy Indonesia Tbk (ADRO), which when it first went public on the stock exchange in 2008 managed to obtain the largest IPO funding in history, whose record was recently broken by Bukalapak. .

Adaro’s mining locations are spread across the islands of Sumatra and Kalimantan, apart from that there is also a mining site located in Australia which was only acquired in 2018. Several mining companies under the Adaro Group include PT Mustika Indah Permai (MIP), PT Bukit Enim Energi (BEE), Adaro Metcoal Companies (AMC), PT Bhakti Energi Persada (BEP) and many more.

At the end of 2022, Forbes placed the man who is familiarly called Boy at number 15 on the list of Indonesia’s 50 Richest with a wealth of US$ 3.45 billion or the equivalent of Rp. 54.01 trillion. Then in 2023, his assets will be recorded at US$ 3.3 billion or Rp. 51.29 trillion, making him the 17th richest person.

Kiki Barki

Kiki Barki is the founder of the coal mining issuer, PT Harum Energi Tbk (HRUM) in 1995 and his company was listed on the Indonesia Stock Exchange (BEI) in 2010. Kiki Barki controls 79.79% of the shares of PT Harum Energy Tbk (HRUM), which was founded since 1995.

Apart from Harum Energy, Kiki also owns a privately owned coal mine, Tanito Harum. Currently, his eldest son, Lawrence Barki, runs Harum as president commissioner while his youngest son, Steven Scott Barki, is commissioner.

In 2022, Forbes recorded Kiki’s net worth at US$ 1.9 billion or the equivalent of IDR 29.6 trillion. Last year it was US$ 1.41 billion or Rp. 21.92 trillion and ranked himself as the 33rd richest person.

Edwin Soeryadjaya

Tjia Han Pun alias Edwin Soeryadjaya was born on July 17 1949 after his parents returned from the Netherlands. When he was born, the Indonesian-Dutch war slowly subsided. At that time, his father William Soeryadjaya was still starting his business, building Astra.

Around 1997-1998 Edwin together with Sandiaga Uno founded the financial company Saratoga Investama Sedaya. Where he became the company’s top leader after Indonesia was hit by a monetary crisis. Saratoga was one of the financial companies that later developed.

After 2000, coal mining expanded in Indonesia. Edwin Soeryadjaya also recently entered this business. Like his cousin who was also active at Astra, Theodore Permadi Rachmat alias Teddy Rachmat was involved in the founding of the Pama Persada coal company.

In 2022, Forbes recorded Edwin’s wealth at US$ 1.8 billion or the equivalent of IDR 28.05 trillion. Then in 2023, Edwin was listed as the 39th richest person with assets of US$ 1.24 billion or the equivalent of Rp. 19.27.

Watch the video below: