How Conglomerate Prajogo Pangestu ‘Raised’ Chandra Asri (TPIA)

Bisnis Indonesia dated Friday, November 10, 2000, reported that local investors at that time raised concerns about the dominance of Japanese investors in the company, despite Marubeni Cs holding only a 25% ownership stake before the restructuring.

Reni Lestari

11 Nov 2023 - 17.00
How Conglomerate Prajogo Pangestu ‘Raised’ Chandra Asri (TPIA)

Prajogo Pangestu

Bisnis, JAKARTA — Before reaching its current stature under the leadership of Prajogo Pangestu, PT Chandra Asri Petrochemical Tbk. (TPIA) faced a challenging period in the late 1990s to the early 2000s. Presently, Chandra Asri holds the 8th position among issuers with the largest capitalization on the Indonesian Stock Exchange, valued at IDR 260 trillion.

The combined success of Chandra Asri, its parent company PT Barito Pacific Tbk. (BRPT), sister company PT Barito Renewable Energy Tbk. (BREN), and PT Petrindo Jaya Kreasi Tbk (CUAN) has significantly contributed to the remarkable increase in Pangestu's wealth this year. According to the Bloomberg Billionaires Index (as of Friday 2023-11-10), his wealth has soared to $20.2 billion, marking an extraordinary surge of $15.7 billion YtD.

Pangestu's wealth is closely trailing Michael Hartono, who holds the third position among Indonesia's wealthiest individuals with a fortune of $20.5 billion, marking a gain of $2.57 billion throughout 2023.

The turning point occurred when Pangestu decided to acquire all of Chandra Asri's shares from four businessmen, three of whom were co-founders of the company: Peter F. Gontha, Bambang Trihatmodjo, Rossano Barrack, and Henry Pribadi.

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