Sinarmas is one of the largest business groups in Indonesia with interests in agriculture, forestry, finance, manufacturing, mining, property, power generation, and telecommunication. Like other conglomerates in the country, Sinarmas has long entered the digital economy, including the fintech race.

The higher the tree, the stronger the wind! That’s probably what happened to Erick Thohir, minister of state-owned enterprises. Ever since he took some decisions, some have mounted allegations against his family and the broader business network. The most recent is allegation of possible loss at state EPC firm PT Rekayasa Industri (Rekind) in an international arbitration case against PT Panca Amara Utama (PAU).

When we first published the article titled ‘MOLA-MATRIX Heats Up TV Business’ last July, we predicted a heating up in the broadcasting industry. We, however, didn’t predict it would lead to dismissal of Helmy Yahya, CEO of public broadcasting company TVRI. Helmy is younger brother of Tantowi Yahya, Golkar party politician, who is now Indonesian Ambassador to New Zealand.

Minister of State-Owned Enterprises (BUMN) Erick Thohir has made Zulkifli Zaini the new CEO of PT PLN and the former chief of SKK Migas Amien Sunaryadi as the President Commissioner of PLN. Zulkifli has replaced Sofyan Basir, who’s been under the Corruption...

Rudiantara, former minister of information and communications, will almost certain become the new president director of PT Perusahaan Listrik Negara (PLN), the largest company in Indonesia by total assets. This is another indication of President Joko ‘Jokowi’ Widodo’s stronger grip in major state companies.

AHK (Met) Hamami, founder of Tiara Marga Trakindo Group, has on Friday Nov 29 passed away in Jakarta. He left behind one of major business groups with interest in mining, financing, property, and hospitality to four children.

Ciputra is household name in property industry. The man, founder of companies like Ciputra Development (CTRA), Pembangunan Jaya, Jaya Real Property (JRPT), Jaya Konstruksi (JKON), and consumer and corporate electronic company Metrodata (MTDL), has passed away in Singapore.

With the exception of property giant Lippo Karawaci (LPKR), other companies of Lippo Group have released their financial statement for the period ended Sept 30, 2019. Siloam Hospital (SILO), for example, booked net profit of Rp42.88 billion, skyrocketed from around Rp3 billion only in the first nine months of 2018.

Elang Mahkota Teknologi (EMTK), controlled by Eddy Sariaatmadja, once tried to become a conglomerate with diversified businesses. Looks like, however, that Emtek has given up some businesses to focus in media and ICT (including digital economy). The first to let go is the pay TV business, which failed to survive in the highly competitive industry.

Sinarmas Multiartha (SMMA), sub-holding of Sinarmas Group for financial sector, is currently the largest company within the group based on market capitalization. SMMA, which is parent of Bank Sinarmas, has market cap of Rp82.78 trillion or 3.6 x equity as at September 30, 2019 (Rp23.09 trillion).