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Agoes Projosasmito surges into top five of Indonesia's richest list

Jakarta Globe - May 28, 2024

Thresa Sandra Desfika, Jakarta. Agoes Projosasmito, 68, has made his way into the top five of Indonesia's richest individuals, according to Forbes' Real-Time Billionaires List. The surge in Agoes' wealth is attributed to the strong performance of shares in his company, Amman Mineral Internasional (AMMN).

As of Tuesday, Agoes Projosasmito's net worth reached $8.9 billion (approximately Rp142 trillion), placing him fifth among Indonesia's wealthiest and surpassing petrochemical and textile moghul Sri Prakash Lohia, who now ranks sixth with a net worth of $8.3 billion. In April, Agoes was ranked sixth with a net worth of $6.2 billion.

Agoes Projosasmito now stands just behind Michael Hartono of the Djarum Group, who holds the fourth position with a net worth of $22.8 billion. The top three positions remain occupied by Prajogo Pangestu with $72.6 billion, Low Tuck Kwong with $25.4 billion, and Robert Budi Hartono with $23.7 billion.

AMMN shares rose by 3.16 percent to Rp 13,050 by the end of the first trading session on Tuesday. Year-to-date, the shares have skyrocketed by 97.73 percent.

Amman Mineral went public on the Indonesia Stock Exchange (IDX) on July 7, 2023, with an initial public offering (IPO) price of Rp1,695 per share. By the end of the first trading session on Tuesday, the shares had soared 670 percent from their IPO price.

Amman Mineral is Indonesia's second-largest copper and gold mining company, operating the Batu Hijau mine on Sumbawa Island.

Agoes Projosasmito is the ultimate beneficiary of Amman Mineral Internasional (AMMN) and serves as the company's president commissioner. Agoes indirectly holds AMMN shares through AP Investment, owning 15.45 percent of Amman Mineral. AP Investment is also the controlling entity of AMMN.

Based on the May 28 trading session, the value of AP Investment's – and thus Agoes Projosasmito's – holdings in Amman Mineral amounts to approximately Rp 146 trillion.

Additionally, Alexander Ramlie, 51, is listed as the 11th richest person in Indonesia, with a net worth of $4.2 billion. He is the president director of Amman Mineral Internasional.

Alexander Ramlie holds AMMN shares indirectly through Alpha Investasi Mandiri, which owns 7.1 percent of AMMN, equating to a holding value of Rp 67.29 trillion.

Source: https://jakartaglobe.id/business/agoes-projosasmito-surges-into-top-five-of-indonesias-richest-lis