Fuganto Widjaja

Last updated
Fuganto Widjaja
Born1980or1981(age 42–43) [1]
NationalityIndonesian
Education Cornell University
Cambridge Judge Business School
OccupationBusinessman
TitleCEO, Golden Energy and Resources
Relatives Eka Tjipta Widjaja (grandfather)
Oei Hong Leong (uncle)

Fuganto Widjaja (born 1980/1981) is an Indonesian billionaire businessman.

Contents

Fuganto Widjaja is the grandson of Eka Tjipta Widjaja, the founder of the Sinar Mas Group, an Indonesian palm oil and property conglomerate started before the Second World War. In April 2015, he revealed a surprise takeover bid for Asia Resource Minerals, the coal mining company founded by Nathaniel Rothschild. [2]

Early life and education

Widjaja was attended high school in Singapore, before earning a bachelor's degree in Computer Science & Economics from Cornell University in 2003, and an M Phil in Finance from the Cambridge Judge Business School in 2004. [3] [1]

Career

Fuganto Widjaja is Director at Sinar Mas Multihara TBK. He is also the Group Chief Executive Officer & Executive Director at Golden Energy & Resources Ltd. [4]

Golden Energy & Resources is a subsidiary of the Sinar Mas Group. [5]

Sinar Mas Group is a brand of companies which is active in six business pillars—Pulp & Paper, Agri-business & Food, Financial Services, Developer & Real Estate, Communications & Technology and in Energy & Infrastructure. [6]

Golden Energy and Resources Limited is a Singapore listed leading energy and resources company in the Asia Pacific region. [7]

An heir to the large family-owned conglomerate, Widjaja is on a mission to modernise the family business. He is shifting the business to focus on energy, infrastructure, telecommunications and education. As an entrepreneur, he believes in starting and creating new things that people need. [8]

In April 2015, he revealed a surprise takeover bid by Asia Coal Energy Ventures, a Sinar Mas subsidiary, [9] for Asia Resource Minerals, a shell company which owned a majority of Berau Coal's stock, founded by Nathaniel Rothschild.

This was a surprise takeover as past contenders have failed to secure a majority stake in the coal company. It was also viewed as a move that restored confidence in the Indonesian's ownership of a sizeable mining venture. [10]

Widjaja shared with the media that the investment was to support the Indonesian government's aim to boost electricity supply for the country through coal. [11]

Under Widjaja's leadership, Berau Coal received an award for its corporate social responsibility program at the 2019 ASEAN Coal Award. As part of this program, the company assisted the Punan Basap Tribe in a resettlement project. [12]

Widjaja is a president director of Berau Coal Energy. [13]

Widjaja also received an award as a TOP leader on CSR Community 2018. This is an award organised by TOP Business. [14]

In April 2019, Widjaja launched Gear Innovation Network, a tech innovation centre by Golden Energy and Resources in Singapore. The centre was established with an initial investment of US$2 million and supported by the Economic Development Board in Singapore. Gear Innovation Network focuses on transforming capital-intensive industries such as mining, logistics and construction through digital technologies in Southeast Asia. [15]

Golden Energy & Resources Limited sources coal from its coal mining concession areas, covering approximately 66,204 hectares in South and Central Kalimantan and South Sumatra Basin. [16]

Sinar Mas Group has been recognised as one of the winners in the 2019 Indonesian Employers of Choice Awards (EOC) by SWA and Korn Ferry Indonesia. [17]

The company has also been awarded as one of the top three social business innovation companies in the category of property, real estate and insurance by Warta Ekonomi in 2018. [18]

In 2019, Sinar Mas Mining was recognised as one of HR Asia's Best Companies to work for. The company achieved this status in the categories of HR Innovation, Employer Branding and Leadership and Development. [19]

After a stint at UBS, Widjaja founded Pristine Brand mineral water, before becoming a director of Sinar Mas Multiartha, holding company of Sinar Mas Financial services. [3]

BHP's Australian coal mines acquisition

In 2022, Golden Energy and Resources (GEAR) completed the acquisition of an 80% stake in coal miner BHP Mitsui Coal for $1.2 billion. The remaining 20% stake in the joint venture is owned by Japanese conglomerate Mitsui. [20]

This massive deal is set to make GEAR one of the largest global producers of metallurgical coal, with its Australian-listed subsidiary, Stanmore Resources, funding the acquisition through a combination of cash and debt. This acquisition is part of Widjaja's strategy to expand GEAR's presence in the global coal mining industry.

BHP Mitsui Coal has three coal mines located in Bowen Basin, Queensland, Australia with combined marketable metallurgical coal reserves of 180 million metric tonnes and revenue of $989 million for 2021.

Metallurgical coal is used in steel production and as such remains a highly sought after commodity despite changes in demand due to shift towards green energy sources.

The Russia-Ukraine crisis that has disrupted supply chains, counter-party risk due to sanctions as well as rising prices throughout Asian markets has caused Newcastle physical prices to reach $400 per tonne while Metallurgical and PCI (pulverised coal injection) prices have skyrocketed nearing $400 per tonne respectively.

Widjaja has been active in the industry since 2013, when he founded GEAR with the aim of becoming one of Asia's leading integrated energy companies. He has since grown GEAR into a major player in the coal mining industry, with operations across Singapore, Indonesia, China and Australia.

Related Research Articles

<span class="mw-page-title-main">BHP</span> Australian multinational mining and petroleum company

BHP, officially named BHP Group Limited and formerly known as BHP Billiton, is an Australian multinational mining and metals public company headquartered in Melbourne, Australia.

<span class="mw-page-title-main">Sumitomo Mitsui Banking Corporation</span> Japanese multinational banking and financial services company

Sumitomo Mitsui Banking Corporation is a Japanese multinational banking financial services institution owned by Sumitomo Mitsui Financial Group, Inc. It is headquartered in Marunouchi, Chiyoda, Tokyo, Japan. The group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and services to a wide range of clients, including individuals, small and medium-sized enterprises, large corporations, financial institutions and public sector entities. Since 2011, it has been included into the Financial Stability Board's list of global systemically important banks.

Sinar Mas is one of the largest conglomerates in Indonesia. It was formed in 1938. It has numerous subsidiaries including Asia Pulp & Paper and palm oil producer PT SMART. The company also acquired Berau Coal Energy from Asia Resource Minerals PLC, a major mining group founded by Nathaniel Rothschild, in a takeover initiated by Fuganto Widjaja.

<span class="mw-page-title-main">Asia Resource Minerals</span> International mining group

Asia Resource Minerals was a mining company listed on the London Stock Exchange.

<span class="mw-page-title-main">Peabody Energy</span> American coal company

Peabody Energy is a coal mining company headquartered in St. Louis, Missouri. Its primary business consists of the mining, sale, and distribution of coal, which is purchased for use in electricity generation and steelmaking. Peabody also markets, brokers, and trades coal through offices in China, Australia, and the United States.

Eka Tjipta Widjaja, born Oei Ek Tjong, was an Indonesian businessman who founded the Sinar Mas Group, one of the largest conglomerates in Indonesia. After immigrating to Indonesia with his family when he was a child, Widjaja became a member of the PCC, traded copra in the mid-1950s, moved into the palm oil industry soon after, started a paper factory in the 1970s, and then entered financial services in the 1980s. At the time of his death, Sinar Mas had interests in paper, real estate, financial services, agribusiness, and telecom with holdings primarily in Indonesia, Singapore, Malaysia, and China, and Widjaja was listed by Forbes as the third-richest person in Indonesia with an estimated net worth of US$8.6 billion.

<span class="mw-page-title-main">Coal in Australia</span>

Coal is mined in every state of Australia. The largest black coal resources occur in Queensland and New South Wales. About 70% of coal mined in Australia is exported, mostly to eastern Asia, and of the balance most is used in electricity generation. In 2019-20 Australia exported 390 Mt of coal and was the world's largest exporter of metallurgical coal and second largest exporter of thermal coal. While only employing 50,000 mining jobs nationally coal provides a rich revenue stream for governments.

<span class="mw-page-title-main">Asia Pulp & Paper</span> Indonesian pulp and paper company

Asia Pulp & Paper (APP) is an Indonesian pulp and paper company based in Jakarta, Indonesia. One of the largest pulp and paper companies in the world, it was founded as Tjiwi Kimia by Eka Tjipta Widjaja in 1972. Asia Pulp & Paper is a subsidiary of Sinar Mas Group and was officially formed in 1994 when Sinar combined its paper and pulp operations from Tjiwi Kimia and PT Inda Kiat Pulp & Paper.

<span class="mw-page-title-main">Mitsui & Co.</span> Japanese corporation

Mitsui & Co., Ltd. is one of the largest sogo shosha in Japan; it is part of the Mitsui Group.

PT United Tractors Tbk is an Indonesian company, subsidiary of PT Astra International Tbk ("Astra") that operates in six business lines, namely Construction Machinery, Mining Contractor, Coal Mining, Gold Mining, Construction Industry, and Energy. United Tractors has 20 branch offices, 32 site supports, 6 representative offices, and 54 support points as well as other service installations.

PT Thiess Contractors Indonesia is a subsidiary of Thiess Pty Ltd, which is a wholly owned subsidiary of CIMIC Group.

BSD City Planned township in Greater Jakarta, Indonesia

BSD City, formerly referred to Bumi Serpong Damai is a planned community located within Greater Jakarta in Indonesia. The project was initiated in 1984 by a group of private developers and started in 1989. The town is currently managed by the holding company PT Bumi Serpong Damai Tbk, which is owned by Sinar Mas Land, a subsidiary of the Sinar Mas Group, a large industrial conglomerate in Indonesia. BSD City encompasses a total area of approximately 6,000 hectares, hosting a range of residential houses, apartments, malls, offices, and more. Most of the residential areas are designed to be suitable for Indonesia's upper-middle class, in gated neighbourhoods, each with different themes. The city is now a self-sustaining community, with businesses, schools, shopping malls, hospitals and hotels.

Bumitama Agri Ltd is the Singapore holding company of subsidiary Bumitama Gunajaya Agro. Bumitama is an Indonesian oil palm plantation company which cultivates oil palm trees and produces crude palm oil (CPO). It was established in 1996 by the Harita Group with its first acquisition of land in Central Kalimantan. Bumitama owns roughly 230,000 hectares and has planted 187,000 hectares of oil palm trees, primarily in Central and West Kalimantan. Bumitama owns 14 CPO mills, which produce more than 1,000,000 tons of CPO a year. Primary purchasers of their CPO include Wilmar International, the Sinar Mas Group and Musim Mas. In April 2012, Bumitama Agri presented an IPO on the Singapore Stock Exchange. 

PT Bank JTrust Indonesia Tbk is an Indonesian bank founded in 2015. The bank is based in Jakarta.

PT Berau Coal Energy Tbk is Indonesia's fifth largest coal producer.

<span class="mw-page-title-main">South32</span> Mining and metals company headquartered in Perth, Western Australia

South32 is a mining and metals company headquartered in Perth, Western Australia. It was spun out of BHP Billiton on 18 May 2015. It is listed on the Australian Securities Exchange with secondary listings on the Johannesburg and London Stock Exchanges.

Golden-Agri Resources (GAR) is a Singaporean palm oil company, listed on the Singapore Stock Exchange since 1999. In May 2015, its market capitalization was $4.1 billion. Franky Widjaja, of the Sinar Mas family is its CEO. Alnoor is a subsidiary of GAR. Lew Syn Pau used to serve as a member of the Singaporean Parliament for 13 years and is a member of the board of directors of the firm.

<span class="mw-page-title-main">Gandi Sulistiyanto</span> Indonesian diplomat

Gandi Sulistiyanto Soeherman is a businessperson, an Indonesian diplomat, and former Managing Director of Sinar Mas Group. He serves as the Indonesian Ambassador to South Korea.

<span class="mw-page-title-main">Michael Widjaja</span>

Michael Widjaja, is an Indonesian businessman of Chinese descent, serving as the CEO of Sinar Mas Land Group as well as Vice President Director of PT Bumi Serpong Damai Tbk (BSDE). Michael was born in Surabaya, 9 July 1984. Michael Jackson Purwanto Widjaja is the thirdborn of Muktar Widjaja, thereby a grandson of tycoon Eka Tjipta Widjaja founder of Sinar Mas Group. Michael married Feiny Sabur at the age of 28 on 1 October 2012. He marks the third generation successor of the Sinar Mas.

<span class="mw-page-title-main">Dhony Rahajoe</span> Indonesian architect (born 1966)

Dhony Rahajoe is an Indonesian architect and a former real estate developer executive who is the Deputy Head of Nusantara Capital City Authority since 10 March 2022. He previously served as managing director, President Office of Sinar Mas Land, a pillar of Sinar Mas Group. He is a mastermind behind projects of Sinar Mas Land, including elite housings in Indonesia, and also smart cities, housings, industrial and commercial buildings, hotels, and resorts scattered from Asia to Europe. He was described as "a very low profile figure with extreme calm" and "had been not under spotlight of publicities".

References

  1. 1 2 "Executive Profile: Fuganto Widjaja". Bloomberg LP. Retrieved 22 November 2018.
  2. ↑ Fortson, Danny (19 April 2015). "Baby-face billionaire throws spanner into Rothschild's Indonesian works". The Sunday Times. Archived from the original on 29 May 2015. Retrieved 22 April 2015.
  3. 1 2 Sender, Henny (2015-08-30). "Fuganto Widjaja, Sinar Mas: a new start in Indonesia" . Financial Times . Retrieved 22 November 2018.
  4. ↑ "Business Leaders".
  5. ↑ "Sinarmas Subsidiary Golden Energy Acquires 10% Westgold Shares". the insider stories. Retrieved 4 December 2017.
  6. ↑ "About Us". Sinarmas.
  7. ↑ "One of Indonesia's Largest Coal Reserve Owners". golden energy and resources.
  8. ↑ "Fuganto Widjaja, Sinar Mas: a new start in Indonesia". Financial Times.
  9. ↑ "Sinar Mas gains control of Asia Resource Minerals as Rothschild exits". theedgemarkets.com. 8 June 2015. Retrieved 22 November 2018.
  10. ↑ "Indonesia's young heirs stick their necks out". The Straits Times. 2 July 2015. Retrieved 2 July 2015.
  11. ↑ "Fired up over coal deal". The Straits Times. 2 July 2015. Retrieved 2 July 2015.
  12. ↑ "CSR Berau Coal raih penghargaan ASEAN Energy Awards di Bangkok". Kontan.co.id. 6 September 2019. Retrieved 6 September 2019.
  13. ↑ "Boards of Commissioners and Directors". Berau Coal Energy - Boards of Commissioners and Directors. Retrieved 22 November 2018.
  14. ↑ "golden enery mines dan berau coal raih top csr 2018". Sinarmasmining.[ permanent dead link ]
  15. ↑ Chi, Euodia (30 April 2019). "Sinar Mas mining firm sets up tech innovation centre in Singapore". The Straits Times. Retrieved 30 April 2019.
  16. ↑ "Golden Energy and Resources Ltd". Reuters.
  17. ↑ "Ini Perusahaan Idaman Karyawan dan Pencari Kerja 2019". Republika.co.id. Retrieved 25 November 2019.
  18. ↑ "Inilah Para Pemenang Warta Ekonomi Social Business Innovation Award 2018". wartaekonomi.co.id. Retrieved 27 September 2018.
  19. ↑ "HR Asia Announces Indonesia's Best Companies to Work for in Asia". HR Asia. 19 June 2019. Retrieved 19 June 2019.
  20. ↑ Rosendar, Yessar. "Widjaja Family's Golden Energy And Resources Completes $1.2 Billion Acquisition Of BHP's Australian Coal Mines". Forbes. Retrieved 2023-03-23.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.