According to the new list of BOD and BOC at Eterindo Wahanatama, there is only one Sridjaja name; Jasin Sridjaja. This is in contrast to few years ago when almost all family members (Salim, Hadiran, Hadisan, etc) were in the management. Eterindo is one of the oldest chemical group in Indonesia, established by Sudiharjo Sridjaja family in 1965.
The group reached its peak in 1997 with several high-profile investments in chemical industry. The group controlled Petrowidada, the largest phthalic anhydride (PA) producer in South East Asia. Currently, Petrowidada has installed capacity of 70,000 tonnes/year.
Other important subsidiaries are:
1) PT Anugerahinti Gemanusa: Producing biodiesel, 40,000 t/y, to be expanded to 80,000 t/y;
2) PT Eterindo Nusa Graha: Biodiesel & plasticizers, 60,000 t/y;
3) PT Eternal Buana Chemical Industries: Biodiesel & synthetic resins, 70,000 t/y; Initially, Eterindo controls majority shareholdings in these companies; but it lost control due to debt restructuring.
As of June 2007, Eterindo only controls 48% shares in Anugerahinti Gemanusa, 30% at Eternal Buana, and 23.17% at Petrowidada. Who controls the remaining shares? Eterindo’s financial report in 2004 disclosed that Excel Capital Venture (ECV) Ltd which previously known as Royal Petrochemie Corp Ltd controls 51% and 52% shares in Anugerahinti and Petrowidada, while four creditors (Wellington Capital Investment, Great Pacific Offshore, Osville Finance, and Absolute Grand) control 66% shares of Eternal Buana.
But it’s not clear whether Sridjaja family has bought back these shares from the creditors. One thing is clear, although not many Sridjaja names in the board of Eterindo, the people in charge are still the same. Other than chemicals, Sridjaja family controls PT Buanatama Metalindo which produces filter for automotive, industrial, and heavy duty equipments.
