Prajogo Pangestu: The New King of Indonesia’s Economy

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Prajogo Pangestu
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LIPUTAN6ENGLIASH – Prajogo Pangestu, the founder and owner of Barito Pacific Group, became the richest person in Indonesia on Monday (November 20) and the 25th richest person in the world.

Pangestu’s net worth reached US$46.2 billion, or about Rp712.35 trillion (estimated exchange rate of Rp15,419 per US dollar), according to Forbes Real Time Billionaires data.

Pangestu’s position surpassed the wealth of a number of big names, such as philanthropist MacKenzie Scott, who is also the former wife of Jeff Bezos, with a net worth of US$39.2 billion, and Li Ka-Shing, the number one conglomerate in Hong Kong, with a net worth of US$36.3 billion.

Pangestu’s wealth increase is inseparable from the performance of his shares. For example, PT Barito Renewables Energy Tbk. (BREN), a new issuer in the renewable energy (RE) sector, successfully surpassed the market capitalization of PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) to become the second-largest issuer on the Indonesia Stock Exchange (IDX).

BREN shares are currently trading at Rp6,800. The price of BREN shares, which are in the RE sector, has skyrocketed 700% since its initial public offering (IPO) on September 29, 2023.

The rise in BREN’s share price also boosted its market capitalization value to Rp910 trillion. With that value, BREN became the issuer with the second-largest market capitalization on the IDX, after PT Bank Central Asia Tbk. (BBCA).

In addition to BREN, other shares owned by Prajogo Pangestu also experienced significant increases. Shares of PT Barito Pacific Tbk. (BRPT) rose 12% to Rp1,800, shares of PT Chandra Asri Petrochemical Tbk. (TPIA) rose 10% to Rp11,800, and shares of PT Cakrawala Usaha Mandiri Tbk. (CUAN) rose 20% to Rp2,500.

The rise in the share prices of these stocks was driven by investor optimism about the prospects for the renewable energy (RE) business in Indonesia. The Indonesian government targets a RE mix of 23% by 2025.

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Prajogo Pangestu is one of Indonesia’s leading entrepreneurs. He started his business from the bottom and became one of the largest conglomerates in Indonesia. Pangestu’s businesses cover a wide range of sectors, from the forestry industry, energy, and petrochemicals.

By becoming the richest person in Indonesia, Prajogo Pangestu has proven that hard work and perseverance can lead to success.()MIS

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