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Indonesia's Prajogo Pangestu ranks 25th on Forbes' billionaires list

Jakarta Globe - May 13, 2024

Whisnu Bagus Prasetyo, Jakarta – Indonesia's wealthiest conglomerate, Prajogo Pangestu, has secured the 25th position on Forbes' Real-Time Billionaires List, according to the latest update released Monday.

Prajogo's net worth now stands at US$62.8 billion or Rp 1,009 trillion, marking a significant increase from the $5.3 billion recorded in 2023.

The surge in Pangestu's wealth corresponds with the rise in stock prices of his companies, including petrochemical and energy company Barito Pacific (BRPT), its mining unit Petrindo Jaya Kreasi (CUAN), and geothermal company Barito Renewables Energy.

While Barito Renewables Energy and Barito Pacific experienced a decline in net profit in the first quarter of 2024, Petrindo Jaya recorded a surge in net profit by 380.83 percent to $30.17 million.

BREN, a subsidiary company, is leading the pack with the largest market capitalization on the Indonesia Stock Exchange (IDX), valued at Rp 1,291 trillion. BREN shares closed at Rp 9,650 at the end of trading on Friday, showing an increase of 26.97 percent year-to-date (ytd) in 2024.

In addition to Prajogo, the top five richest individuals in Indonesia include Low Tuck Kwong, R. Budi Hartono, Michael Hartono, and Sri Prakash Lohia with net worths of $26.2 billion, $23.8 billion, $22.9 billion, and $8.4 billion respectively.

Through the Barito group, Prajogo Pangestu manages businesses covering various sectors, from the timber industry to petrochemicals. Prajogo's career began as a minibus driver before joining the Djajanti Group in 1969, where he managed forest concession rights in Central Kalimantan.

Leveraging his experience in the timber industry, Prajogo established his own business in the late 1980s by founding CV Pacific Lumber Coy, which later evolved into Barito Pacific Timber.

In 2007, Barito Pacific diversified into the petrochemical sector by acquiring Chandra Asri Pacific (TPIA), becoming Indonesia's largest petrochemical producer.

Additionally, Prajogo expanded his business portfolio to include the coal industry through Petrindo Jaya Kreasi, which went public (IPO) in 2023.

Prajogo Pangestu also assumed control of Petrosea (PTRO) after Petrindo Jaya Kreasi, through its subsidiary, Kreasi Jasa Persada (KJP), acquired 34 percent of PTRO shares previously owned by Caraka Reksa Optima (CRO), a company owned by conglomerate Robert Nitiyudo Wachjo.

Source: https://jakartaglobe.id/business/indonesias-prajogo-pangestu-ranks-25th-on-forbes-billionaires-lis