Prajogo Pangestu Champion Becomes the Richest Person in Indonesia in 2024, Overtaking the Hartono Brothers

Prajogo Pangestu Jawara Jadi Orang Terkaya di Indonesia 2024, Geser Hartono Bersaudara

Prajogo Pangestu once again became the richest person in Indonesia according to the Forbes list at the beginning of 2024, after his wealth increased by 0.27 percent. Based on information from the Forbes Real-Time Billionaires list on Thursday (4/1/2023), Prajogo Pangestu's net worth increased by USD 147 million, bringing the total to USD 55.6 billion or around Rp. 863.3 trillion.

"Jejak Prajogo Pangestu dalam Dunia Bisnis" translates to "Prajogo Pangestu's Footprints in the Business World" in English.

In 2021, Thaioil acquired 15 percent of Chandra Asri's shares. Prajogo himself has prepared a successor to take over. His eldest son, Agus Salim, currently serves as the President Director of Barito Pacific. Meanwhile, his daughter, Nancy Pangestu Tabardel, manages the family office and Green Era outside of Singapore. Prajogo Pangestu's youngest son, Baritono, serves as the Vice President Director of Commercial at Chandra Asri.

"Barito Renewables Energy"

Most of the profits obtained by Prajogo Pangestu come from the increase in the value of Barito Renewables Energy shares recorded on the Indonesia Stock Exchange in 2023.

The stock of this company has increased fivefold since then, with a recorded surge of 25 percent in a single day of trading last week.

This situation has caused a surge in the flow and resulted in a temporary suspension of stock trading of the company last Friday to control price volatility. Barito Renewables Energy is the parent company of Star Energy Geothermal Group, which is the largest geothermal producer in Indonesia with a capacity of 886 megawatts.

Star Energy operates three geothermal power projects in West Java province and has exploration permits in several areas of North Maluku and Lampung provinces. According to data from research firm ThinkGeoEnergy, Indonesia ranks second as the world's largest geothermal energy producer after the United States, with an installed capacity of 2,356 megawatts of geothermal power plants at the end of last year.

"In the previous year, Green Era, a special entity of the Prajogo Pangestu family office based in Singapore, acquired Star Energy by purchasing one-third of BCPG Thailand's shares worth USD 440 million."
The remaining shares are currently owned by Barito Pacific, a parent company registered where Prajogo Pangestu has the majority ownership.

Source: Liputan6

Profit from the Black Gold Business

Not only in the energy sector, Prajogo Pangestu has also recently benefited from his investment in the coal mining sector. The stock of his coal mining company, Petrindo Jaya Kreasi, has skyrocketed 30 times since its initial public offering (IPO) in March 2023. Just within a week after the IPO, the stock exchange issued a warning regarding unusual activities in its stock trading.

Experiencing an Increase of 15%

In the past week, the stock trading of this company was even temporarily halted after experiencing a 15 percent increase, which was triggered by news that the company has acquired 34 percent of shares from the coal contractor, Petrosea.

Lately, Prajogo Pangestu has also successfully acquired 100 percent shares of Multi Tambangjaya Utama, a coal mine owned by Indika Energy.

Prajogo Pangestu Champion Becomes the Richest Person in Indonesia in 2024, Overtaking the Hartono Brothers

Currently, the shares of the company have resumed trading.

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