DIGIVESTASI - Several conglomerates in Indonesia have made it onto the list of the richest individuals thanks to their success in the coal mining business. Here are some of Indonesia's coal mining magnates, as summarized by CNBC Indonesia on Sunday (September 1, 2024):

1.Low Tuck Kwong

Dato' Low Tuck Kwong is an Indonesian entrepreneur and the owner of PT Bayan Resources Tbk (BYAN), the coal mining company with the largest market capitalization on the domestic stock exchange, currently valued at Rp565 trillion. However, according to Forbes Real Time Billionaires, Low Tuck Kwong's wealth has seen a decline. As of Sunday (September 1, 2024), his wealth was recorded at US$24.1 billion, or approximately Rp374.33 trillion, placing him fourth among Indonesia's richest people.

2. The Widjaja Family

The Widjaja family, led by the late Eka Tjipta Widjaja, controls the Sinar Mas Group, a conglomerate that has flourished since the New Order era. The group owns PT Dian Swastika Sentosa Tbk (DSSA), which focuses on the energy and infrastructure sectors. DSSA's subsidiaries, PT Golden Energy Mines Tbk (GEMS) and Golden Energy and Resources Ltd. (GEAR), are key contributors to the coal business. GEAR has also acquired mines in Australia, including Stanmore Coal. The Widjaja family's wealth, according to Forbes 2023, stands at US$10.8 billion, or approximately Rp167.74 trillion.

3. Garibaldi Thohir

Garibaldi Thohir, the brother of the Minister of State-Owned Enterprises, Erick Thohir, co-founded PT Adaro Energy Indonesia Tbk (ADRO) with TP Rachmat and Edwin Soeryadjaya, which has become one of the largest mining companies in Indonesia. Adaro operates mines in Sumatra, Kalimantan, and Australia. At the end of 2023, Forbes ranked Garibaldi Thohir, commonly known as Boy, as the 17th richest person in Indonesia, with a net worth of US$3.3 billion, or Rp51.26 trillion.

4. Kiki Barki

Kiki Barki is the founder of PT Harum Energi Tbk (HRUM), a coal mining company established in 1995 and listed on the Indonesia Stock Exchange (IDX) in 2010. Kiki Barki holds 79.79% of HRUM's shares. Besides Harum Energy, Kiki also owns a private coal mine, Tanito Harum. His son, Lawrence Barki, currently serves as the president commissioner, while his youngest son, Steven Scott Barki, is a commissioner. According to Forbes Real Time Billionaires, as of Monday (August 26, 2024), Kiki Barki's total wealth reached US$1.5 billion, or approximately Rp23.29 trillion.

5. Edwin Soeryadjaya

Edwin Soeryadjaya, born on July 17, 1949, is the son of William Soeryadjaya, the founder of Astra. Edwin, together with Sandiaga Uno, founded Saratoga Investama Sedaya in 1997-1998, which has since grown into one of Indonesia's leading financial companies. Since 2000, Edwin has also ventured into the coal mining business, following in the footsteps of his cousin, Theodore Permadi Rachmat, also known as Teddy Rachmat, who was involved in founding the coal mining company Pama Persada. According to Forbes Real Time Billionaires, Edwin's wealth is estimated at US$1.24 billion, or approximately Rp19.26 trillion.

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