Home » Prajogo Pangestu’s wealth disappeared in a single day at IDR 91 trillion

Prajogo Pangestu’s wealth disappeared in a single day at IDR 91 trillion

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Prajogo Pangestu’s wealth disappeared in a single day at IDR 91 trillion

Jakarta, CNBC Indonesia – Prajogo Pangestu is a corporation and some of the profitable entrepreneurs in Indonesia. Citing Forbes Real Time, his wealth disappeared from US$ 5.7 billion or the equal of Rp 91.2 trillion (assuming an alternate price of Rp. 16,000/US$) in a single day.

Currently, Prajogo Pangestu’s belongings are estimated at US$ 52.9 billion (Rp. 846.4 trillion).

The vital lower in Prajogo’s belongings was attributable to the lower within the share costs of the issuers, specifically BREN, TPIA, BRPT and CUAN.

Prajogo Pangesttu’s Business Career History

This rubber product owner’s son acquired an schooling as much as highschool, as a consequence of his household’s financial limitations.

Born and raised in Kalimantan, Prajogo bought a job as a public transport driver on the Singkawang-Pontianak route. He additionally opened a small enterprise promoting kitchen spices and salted fish.

During this mission, Prajogo met a Malaysian wooden entrepreneur, named Burhan Uray. From that assembly, in 1969 Prajogo determined to affix Burhan’s firm, PT Djajanti Grup.

Due to his excessive degree of efficiency, Prajogo managed to get the place of General Manager of Nusantara Plywood Factory after seven years of working for his administration workforce.

Prajogo solely served because the GM of the Djajanti Group for only one yr. He determined to give up his job and purchase an organization that was in monetary bother. The identify of the corporate is CV Pacific Lumber Coy.

Prajogo borrowed some cash from the financial institution to purchase this timber firm. Amazingly, he was capable of pay it off in only one yr. The firm later modified its identify to PT Barito Pacific. During the New Order interval, the corporate shortly developed to develop into the biggest timber firm in Indonesia.

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However, this success didn’t cease Prajogo from persevering with to develop. Next, he expanded his enterprise by establishing PT Chandra Asri Petrochemical Center and PT Tri Polyta Indonesia Tbk.

His firm Barito Pacific Timber went public in 1993 and altered its identify to Barito Pacific after downsizing its timber enterprise in 2007.

In 2007 Barito Pacific acquired 70% of the petrochemical firm Chandra Asri, which can be traded on the IDX. In 2011 Chandra Asri joined Tri Polyta Indonesia and have become the biggest built-in petrochemical producer in Indonesia. Thaioil acquired 15% of Chandra Asri’s shares in July 2021.

In 2023, Prajogo introduced two of his firms, CUAN and BREN, right down to the Indonesian inventory market.

The following are a few of the sources of wealth of the wealthy man who was born on May 13 1944:

1. PT Barito Pacific Timber (BRPT)

His firm Barito Pacific Timber went public in 1993 and altered its identify to Barito Pacific after divesting its timber enterprise in 2007. In 2007 Barito Pacific acquired 70% of the petrochemical firm Chandra Asri, which was additionally traded on the Indonesian Stock Exchange.

2. PT Chandra Asri Petrochemical (TPIA)

The success of his first firm didn’t cease Prajogo from persevering with to develop. Next, he expanded his enterprise by establishing PT Chandra Asri Petrichemical Center and PT Tri Polyta Indonesia Tbk.

In 2011 Chandra Asri joined Tri Polyta Indonesia and have become the biggest built-in petrochemical producer in Indonesia. Thaioil acquired 15% of Chandra Asri’s shares in July 2021.

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3. PT Petrindo Jaya Kreasi Tbk (CUAN)

Even although Petrindo Jaya Kreasi has skilled a 12% worth drop previously 5 days, CUAN shares have skilled a leap of greater than 10 instances previously six months.

4. PT Barito Renewables Energy Tbk (BREN)

Prajogo Pangestu not directly controls 45.84% of BREN shares and is the controller of the listed firm. BREN itself has solely taken off on the inventory market previously few months.

Prajogo’s three youngsters additionally not directly management BREN shares via Green Era Energi Pte. Ltd (GEE) with a complete possession of 23.61%. GEE itself is owned by the three youngsters of Prajogo and Erwin Ciputra who’s the Director of BREN and the President Director of Chandra Asri Petrochemical (TPIA).

[Gambas:Video CNBC]

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