Latest news with #SinarMasGroup
Independent Singapore
19-07-2025
- Business
- Independent Singapore
Indonesia's Sinar Mas heiress snaps up S$25M GCB near Orchard
Photo: Screengrab from Google Maps SINGAPORE: Mimi Yuliana Maeloa, granddaughter of late Indonesian billionaire and Sinar Mas Group founder Eka Tjipta Widjaja, has bought a 767 square metre (sq m) good class bungalow (GCB) in Singapore's Chatsworth Avenue for S$25 million, Bloomberg reported, citing a late-June property filing. In early June, real estate agency and advisory group OrangeTee Group reported that only two GCBs were sold in Singapore in the first quarter of 2025 (Q1 2025). The bungalow, located close to the Orchard Road shopping district, was sold by Raymond Phee, a businessman who runs a local firm that distributes electrical appliances and stationery. According to VNExpress International , citing Forbes , Ms Maeloa is the daughter of Sukmawati Widjaja, one of the heirs to Indonesia's Sinar Mas. The business was started by Maeloa's grandfather, Eka Tjipta Widjaja, in 1962. It grew into one of Indonesia's biggest conglomerates, which includes agribusiness, financial services, paper, real estate, and telecoms. Mr Widjaja died in 2019 at the age of 98. He was Indonesia's third-richest man at the time. His family's wealth was valued at US$18.9 billion (S$24.26 billion) in late 2024. Ms Maeloa is a Singapore citizen and worked at investment banks such as Goldman Sachs before joining Top Global Limited in 2010. The property firm is controlled by her family. She also runs SW Global Management, a family office registered in 2022. In March, Diona Teh Li Shian, daughter of Malaysia's late Public Bank founder Teh Hong Piow, bought a GCB in Tanglin Hill for a record price of S$93.9 million or S$6,197 per square foot (sq ft). /TISG Read also: CK Tang son's GCB is now selling for S$73M after a second price cut to attract buyers () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Forbes
15-07-2025
- Business
- Forbes
Indonesian Billionaire Prajogo Pangestu's Petrosea Bags $214 Million Mining Contract From Sinar Mas Group
Barasentosa Lestari coal concession in South Sumatra. Petrosea—a provider of mining engineering services backed by Indonesian billionaire Prajogo Pangestu—said it won a 3.5 trillion rupiah ($214 million) contract from a coal company controlled by the Widjaja family's Sinar Mas Group. Under the five year contract, Petrosea will become the mining services contractor for Barasentosa Lestari's coal mine in the North Musi Rawas Regency, around 600 kilometers north west of Jakarta for the next five years, according to an announcement on Tuesday. 'This contract is part of Petrosea's long-term strategy to increase value creation through business expansion and business development to the South Sumatra area,' Iman Darus Hikhman, mining director of Petrosea, said in the statement. Barasentosa Lestari, a subsidiary of Golden Energy and Resources, holds a concession of over 23,000 hectares and nearly 190 million tonnes of coal reserves. Golden Energy, which delisted from the Singapore Exchange in 2023, acquired Barasentosa in 2018 for $65 million from Amsterdam-based GMR Energy and GMR Infrastructure. Petrosea has been deepening its partnerships in the mining industry. In April, it won a 16 trillion rupiah ($954 million) contract from the Indonesian unit of Brazilian miner Vale. With a real-time net worth of $31.2 billion, Pangestu ranks among Indonesia's wealthiest individuals. He holds stakes in coal mining company Petrindo Jaya Kreasi, the biggest shareholder Petrosea, as well as in Barito Renewables—both of which went public in 2023. Meanwhile, Prajogo's partner in the deal, the Widjaja family, has a net worth of $18.9 billion. Beyond mining, their Sinar Mas Group has business interests in real estate, paper production, financial services, telecommunications, and agribusiness.
