Ong Hock Chuan, Jakarta – The Salim, Sinar Mas and Gajah Tunggal groups have retained the top three positions in the latest ranking of Indonesia's 100 largest conglomerates published by the monthly business magazine Eksekutif.
Eksekutif said the Salim group had increased the value of its assets by 53 percent, from 32.5 trillion rupiah (US$13.55 billion) in 1995 to Rp51 trillion this year.
The magazine last published its ranking of Indonesian conglomerates in 1995.
The growth of the Salim group - headed by Lim Sioe Liong but increasingly coming under the control of son Anthony Salim - has been powered by the dramatic increase in assets of one of its companies, the Bank of Central Asia (BCA). BCA is Indonesia's largest private bank, with assets estimated at Rp40 billion. The bank is 70 percent-owned by the Salim family.
The group also controls an integrated food processing company, Indofood, and makes cement as Indocement. Yet another company in its stable, Indomobil, makes cars and motorcycles. The group also has interests in agribusiness and property.
Maintaining the second slot is the Sinar Mas group, controlled by Eka Tjipta Widjaja (Oi Ek Thjong), whose interests range from finance and property to agribusiness and pulp and paper making. This group has also increased its assets, by 63 percent or Rp15.5 trillion from its 1995 figure of Rp24.5 trillion. The companies powering its growth are Bank Indonesia Internasional, construction arm Duta Pertiwi, Smart Corp, Indah Kiat and Tjiwi Kimia.
The Gajah Tunggal group, controlled by Sjamsul Nursalim (Lim Tek Siong), remains in third position with Rp19.7 trillion in assets, a 69 percent jump from its 1995 figures. The group's core businesses are in finance, property, tire making and steel cable making but it is now venturing into agriculture and shrimp farming.
The Astra group, ranked sixth in the magazine's 1995 rankings, has jumped two rungs to fourth place. The nation's largest car maker, Astra, also has interests in agribusiness and finance. It has been trying to develop other sources of revenue apart from car making, most of which is done in partnership with Japan's Toyota Motors. Astra, with assets of Rp18 trillion, is now controlled by Mohamad "Bob" Hasan, recently appointed president commissioner. Hasan's involvement in Astra is through equity owned by the Nusamba group, which is owned by three foundations controlled by President Suharto.
The names of Suharto's children, known for their entrepreneurial flair, occur five times in the survey. Heading the Suharto contingent is third son "Tommy" Hutomo Mandala Putra whose Humpuss group is ranked 27th with Rp3.1 trillion in assets. Second son Bambang Trihatmodjo's name is mentioned twice, in the first instance as head of the Bimantara group, which was ranked 33rd with assets worth Rp2.5 trillion. His name crops up again under Zeta Corporation, which he controls with businessman Johannes Kotjo. The group is ranked 69th with assets worth Rp1.2 trillion. This was the first time that Zeta figured in the top 100 list.
In 37th place is eldest daughter "Tutut" Siti Hardiyanti Rukmana, whose Citra Lamtoro Gung group's assets were estimated at Rp2.3 trillion. She was followed by first son Sigit Harjojudanto, whose Arseto group is ranked 45th with assets worth Rp1.8 trillion. The presidential relative most often mentioned, however, was Sudwikatmono, Suharto's cousin. His name appeared four times, once by itself under the 40th-ranked Dwi Golden Graha group with assets of Rp2.1 trillion.