Bob's empire continues to branch out<\/p>\n
JAKARTA (JP): Mohamad (Bob) Hasan has become one of the most
\ntalked about businessman in the capital market following his
\nsurprising takeover move against Astra International in the last
\nfew weeks.<\/p>\n
But only a few people know how rich he really is.<\/p>\n
Hasan, more popularly called by his nickname Bob, might have
\nspent at least Rp 1 trillion (US$425 million) buying the
\nautomotive company's shares. The purchase means he controls more
\nthan 20 percent of the automobile giant.<\/p>\n
The takeover was made through PT Nusantara Ampera Bhakti
\n(Nusamba), a business group 80 percent owned by three charity
\nfoundations chaired by President Soeharto, 10 percent by Bob
\nhimself and the remaining 10 percent by the President's eldest
\nson Sigit Hardjojudanto.<\/p>\n
However many believe the massive deal was mostly financed with
\nhis own personal funds.<\/p>\n
On Oct. 24, Nusamba bought 144 million Astra shares for Rp 603
\nbillion or at Rp 4,100 each, allowing Bob to control 10.6 percent
\nof the automotive giant. And this was just the start to Nusamba's
\nambitious attempt to control a majority stake in the company.<\/p>\n
Analysts said that the takeover attempt continued on the
\nfollowing days, enabling Nusamba to gain control of more than 20
\npercent of the country's largest automotive group.<\/p>\n
Under such a scenario, Bob's company might have spent more
\nthan Rp 1 trillion buying the Astra shares within a two-week
\nperiod.<\/p>\n
Bob is not only popular in business circles but also in the
\nsporting world. And everyone knows that he is one of the
\nPresident's closest associates, with a number of business
\ninterests. And he is a timber tycoon as well as a loyal financier
\nof Indonesian athletics.<\/p>\n
How rich is he? This is every body's question and Bob is not
\nprepared to say. A look at his assets however shows that he is
\nnot likely to be down to his last rupiah in the near future.<\/p>\n
According to Thomas Wibisono, an executive of the Indonesian
\nBusiness Data Center, Bob personally controls at least 100
\nbusiness entities operating a wide range of business activities.<\/p>\n
At present, Bob might even control a majority stake in
\nNusamba, which controls Bank Duta and a number of companies
\noperating in various business activities ranging from trading to
\nmanufacturing.<\/p>\n
Thomas said that in the early stages of its establishment in
\nthe 1980s, Nusamba was controlled by the three charity
\nfoundations headed by the President -- Yayasan Supersemar,
\nYayasan Dharmais and Yayasan Dakab -- before the company's paid-
\nup capital was raised to Rp 10 billion in 1992.<\/p>\n
A larger part of the company's capital came from Bob
\npersonally, indicating that most of the company's shares had
\nchanged to his hands.<\/p>\n
In his report published in the Bisnis Indonesia daily, Thomas
\nsaid that Bob, born in 1931 in Semarang under his Chinese name
\nThe Kian Seng, entered business as early as 1958.<\/p>\n
In that year, Bob, who got acquainted with Soeharto when the
\nlatter was a military commander in Central Java in the early
\n1960s, established a trading company, PT Dwi Bhakti, in
\ncooperation with state-owned NV Sinar Bumi.<\/p>\n
In 1967, he established a shipping company called PT Karana
\nLine in partnership with Bambang Sarjono, the son of the late
\nGeneral Gatot Subroto, who was also his foster father.<\/p>\n
In 1970, Bob established three other companies -- PT Lifetime
\nIndustries, PT United Indo Survey and PT Georgia Pacific
\nIndonesia (GPI). Lifetime and United Indo are no longer active.<\/p>\n
GPI, a timber company established in cooperation with the
\nUnited States-based timber giant Georgia International, owns a
\nconcession covering more than 350,000 hectares of dense forest in
\nEast Kalimantan.<\/p>\n
To support his timber production, Bob and the American firm
\nformed three more companies to operate in the downstream
\nindustries. They are PT Kalimanis Plywood, established in 1973,
\nPT Santi Murni Plywood, set up in 1980, which are both based in
\nSamarinda, East Kalimantan, while the other one is PT Kertas
\nKraft Aceh, which was founded in 1980 in Aceh to produce kraft
\npaper.<\/p>\n
Thomas said Bob later bought the American company's stake in
\nthe four companies and then changed the name of GPI to PT Kiani
\nLestari.<\/p>\n
Bob's achievements were not so impressive during the 1970s,
\nduring which time he established only nine business entities.<\/p>\n
The other five companies set up during the nine-year period
\nwere PT PD Pasopati (trading firm), PT Serva Portion Indonesia,
\n(food producer), PT Sarana Buana Handara Country Club, (resort
\ndeveloper), PT Alas Helau (timber company) and PT Rawayana Makmur
\n(trading firm).<\/p>\n
In the 1980s, his business activities grew more rapidly. In
\nthat period, Bob established 14 new businesses and took over five
\nother firms from other businessmen.<\/p>\n
The 14 companies included PT Saripermindo (trading firm) PT
\nTehnusamba Indah (one of the country's major tea producers), PT
\nFendi Indah, PT Fedi Mungil, PT Fendi Murni, PT Kiani Kreasi, PT
\nSandi Furni (all furniture producers), PT Santi Murni Plywood, PT
\nSuara Indah Wood Industries.<\/p>\n
The five acquired companies comprised PT Sumber Murni Timber,
\nPT Sarpindo Soybean Industri, PT Gatari Air Service, PT Aspex
\nPaper and PT Mapindo Paramana.<\/p>\n
In the following years, Bob's business activities grew more
\nimpressively. In 1990, for example, he established three new
\nfirms, PT Kiani Winalestari, PT Tanjung Redeb Hutan Tanaman
\nIndustri and PT Takengon Tusam Lestari, all operating in
\nforestry-related industries.<\/p>\n
In the same year, Bob also acquired a majority stake in Bank
\nUmum National, which was once wholly owned by Kaharudin Ongko.<\/p>\n
In 1991, Bob made another move, establishing three more
\ncompanies, PT Bunas Grahapratama, an office building operator,
\nPT Inforkarya Aksaracentra, a publishing firm, and PT Kiani
\nKertas, a pulp and paper plant with total investment of around Rp
\n1.6 trillion.<\/p>\n
In 1992, Bob established PT Kiani Hutani Lestari, an
\nindustrial forest developer to support his pulp and paper plant.
\nAlso in the same year, he and President Soeharto's youngest son
\nHutomo Mandala Putra jointly took over a majority stake in
\nSempati Air.<\/p>\n
Thomas did not mention the total value of Bob's assets.<\/p>\n
His most lucrative businesses, he said, are those in forestry-
\nrelated sectors. Bob's forest concession areas cover more than
\n505,000 hectares, with an average production of around 365,000
\ncubic meters of timber a year. (hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bobs-empire-continues-to-branch-out-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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