Transcript Capital Profile_Johan Lensa Family

30 OCTOBER 2014
Johan Lensa Family — J Resources Asia Pasifik

Johan Lensa is the founder and former owner of coal miner Bukit Makmur Mandiri Utama (BUMA), which is now part of Northstar Pacific-controlled, IDX-listed Delta Dunia
Makmur

Jimmy Budiarto is the co-founder of J Resources Mining Ltd (formerly known as
J&Partners Asia Ltd), which controls IDX-listed miner J Resources Asia Pasifik

Capital Profile covers four family members and 17 companies
INTRODUCTION
Ilya Garger
Editor in Chief
[email protected]
Sze Toh Yuin Munn
Research Editor
[email protected]
David Wu
Researcher
[email protected]
Felix Tjandra
Research Analyst
[email protected]
Jacob Li
Analyst
Johan Lensa is the founder and former sole
owner of coal miner Bukit Makmur Mandiri
Utama (BUMA), which is now part of
Northstar Pacific-controlled, IDX-listed Delta
Dunia Makmur. Son Jimmy Budiarto is the cofounder of Hong Kong-based private equity
firm J Resources Mining Ltd (formerly known
as J&Partners Asia Ltd), which controls IDXlisted miner J Resources Asia Pasifik (PSAB).
The family, via its holding company Golden
River Developments, is a financial backer of
Australia-based property developer Golden
Group's Belmont Racecourse project, the
West Australian reported in February 2011.
Origin and Background
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Jessica Kurnia
Researcher
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Willow Yang
Reporter
[email protected]
2009 bond offering memorandum by BUMA’s
subsidiary Prime Dig, the construction company was contracted by Astra Agro Lestari,
Salim Group and the Sinar Mas Group between 1998 and 2000. Johan Lensa later
diversified into the coal mining business. He
established Mentari Bukit Makmur in 1996,
which was the main coal mining contractor
for Berau Coal Energy’s Lati mine, according
to the offering memorandum.
Johan Lensa established BUMA in 1998.
BUMA was sold to IDX-listed Delta Dunia
Makmur, controlled by the Northstar Pacificled consortium Northstar Tambang Persada,
in November 2009. In December 2010, he
acquired six gold mines from Avocet Mining
Plc for USD 200m via PSAB subsidiary, J Resources Nusantara predecessor Bara Kutai
Energi, according to the Bisnis Indonesia report. He then acquired IDX-listed catering
company Pelita Sejahtera Abadi Tbk to backdoor list his gold mines, and changed the
company name into J Resources Asia Pasifik.
The backdoor listing was done through right
issuance, in which J&Partners Asia Ltd acted
as standby buyer.
Johan Lensa, born Jiauw Chau Lian, came
from Pematang Siantar, North Sumatera to
Semarang, Central Java at the age of 27,
according to a November 2011 Bisnis Indonesia report. He was an oil and kerosene
retailer in Pematang Siantar, but started a
bread manufacturing business with his
friends in Semarang. He started expanding
into the palm oil plantation-related construction business about 10 years after the establishment of his bread factory, according to
the Bisnis Indonesia report. The construction Family Members
business expanded to Sumatera, Sulawesi, Johan Lensa is married to Lenny Hermawaty
and Kalimantan. According to a October Tjioe and has one known son, Jimmy Budiar-
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Johan Lensa Family
to. Johan Lensa has a brother, Rusmin, who has held senior
positions in family companies. Johan Lensa and his wife were
minority shareholders of J Resources Nusantara as of 2007,
according to Pelita Sejahtera Abadi’s stock exchange announcement in November 2011. Jimmy co-founded
J&Partners Asia Ltd with former Barclays senior executive
Chris Hui in 2010. Jimmy is the president director of PSAB,
according to the company's 2013 annual report. A search of
company filings, media reports and other public information
did not yield further information on family members of Johan
Lensa.
Shareholdings
According to the latest Indonesian Justice Ministry filings of
private companies Bukitmakmur Widya (BMW) and Mentari
Bukit Makmur (MBM), Johan Lensa and his wife each hold
40% stakes in both companies, while his brother Rusmin
holds the remaining 20%.
Hendrick Tee and the Gondokusumo Family
Intiland Development's major shareholder Hendro Gondokusumo cancelled plans for a USD 50m loan from Credit Suisse
after Johan Lensa agreed to provide financing for him to participate in a rights offering by Intiland, Debtwire reported in
May 2010. The Credit Suisse facility was to have been backed
by Gondokusumo's shares in the IDX-listed property developer,
Debtwire reported. Debtwire cited two unnamed buyside
sources as saying that controversial banker and advisor Hendrick Tee helped broker the deal. The Gondokusumo family's
Dharmala Group was involved in major disputes with creditors
and business partners following the Asian Financial Crisis.
The Debtwire report noted that Tee advised Lensa on the sale
of his majority stake in BUMA to Delta Dunia Makmur for USD
240m in 2009. Tee, a former Chase Manhattan banker, was
CFO of Widjaja family-controlled Asia Pulp & Paper (APP) and
helped the Widjaja family to raise billions of USD in debt in the
years leading up to the Asian Financial Crisis. He was a key
representative of the Widjaja family in dealing with creditors
after APP and other family companies defaulted on their debt,
according to the Wall Street Journal and other press reports.
He has also been involved in controversial deals involving other families and business groups.
Johan Lensa, through BMW, has held a minority stake in the
Gondokusumo family-controlled, IDX-listed Intiland Development, according to a June 2010 Viva News report citing corporate secretary Theresia Rustandi. BMW held a 8.8% stake in
Intiland, according to a July 2010 shareholder registration
announcement. Subsequent stock exchange records do not
show BMW as a shareholder of Intiland. However, they named Gorontalo Gold Mine Dispute
BMW as a holder of 18.33% of Intiland’s warrants until June
PSAB subsidiary Puncak Emas Gorontalo has been involved in
2011.
a gold mine contract dispute with village cooperative KUD
BMW has held a significant stake in Honoris family-controlled Dharma Tani and Australia-based miner One Asia Resources,
IDX-listed Modernland Realty, according to a January 2012 the Jakarta Post reported in February 2014 citing One Asia
Bisnis Indonesia report, citing Modernland corporate secretary managing director Stephen Walters. He was cited as saying
Freddy Chan. Bukit Makmur Widya held a 19.63% stake in the that KUD Dharma Tani and his company had established joint
property developer as of September 2011. However, its share- venture Pani Dharma Mas in 2009 to develop the gold mining
holding was diluted to 9.57% by the end of 2011 due to a site with a locally-issued permit. Walters said that KUD Dharrights issue. BMW in January 2012 sold its stake to Modern ma Tani unilaterally terminated their agreement after One Asia
Griya Reksa, which is an affiliate of Modernland Realty.
refused to make an IDR 10bn payment to KUD Dharma Tani
that was not stipulated in their agreement. Following the terJohan Lensa was named by a February 2011 West Australian
mination of agreement, KUD Dharma Tani signed a cooperareport as the financial backer of the Belmont Park residential
tion agreement with J Resources in December 2013 and esproject of Australia-based Golden Group, which was founded
tablished joint venture Puncak Emas Gorontalo. The report
and controlled by Indonesian couple Mimi Wong and Howard
noted that KUD Dharma Tani's dispute with One Asia was
Sugiarso. The report noted that Lensa held an up-to-70%
scheduled for court-supervised mediation. PSAB director Edi
stake in investment holding company Golden River DevelopPermadi was cited in the report as saying that the company
ments at the time.
did not have any connection to the litigation and that it would
obey the law if any legal problems emerged.
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Johan Lensa Family
INDIVIDUALS
NAME
NOTES
Johan Lensa
Founder and former controlling shareholder of coal miner Bumi Makmur Mandiri Utama
Jimmy Budiarto
Son of Johan Lensa; president director of J Resources Asia Pasifik; co-founder of J&Partners Asia
Lenny Hermawaty Tjioe
Wife of Johan Lensa; commissioner at family companies
Rusmin
Younger brother of Johan Lensa; has held positions at family companies
AFFILIATIONS
AFFILIATION
NOTES
Benny Tjokrosaputro
Benny Tjokrosaputro, a controversial businessman whose family built a large business conglomerate
during the Suharto era, was involved in the acquisition of PT Bumi Makmur Mandiri Utama by PT Delta
Dunia Makmur.
Berau Coal Energy
Mentari Bukit Makmur was the main coal mining contractor for Berau Coal Energy’s Lati mine, according to the 2009 offering memorandum of Bukit Makmur Mandiri Utama (BUMA). BUMA had 12 contracts with Berau Coal Energy worth USD 5.3bn in 2009, Inilah.com reported citing stock exchange
announcement. Johan Lensa has served as a commissioner and has had a minority stake in Berau
Coal Energy prior to its acquisition by Asia Resources Minerals Plc (formerly known as Bumi Plc), according to Globe Asia in June 2013.
China Investment Corporation
State-owned China Investment Corporation is a member of the Northstar Pacific Partners-led consortium Northstar Tambang Persada, which controls IDX-listed coal miner Delta Dunia Makmur. Delta
Dunia Makmur acquired Bukit Makmur Mandiri Utama from Johan Lensa for USD 240m in 2009.
Chris Hui
Chris Hui is the co-founder of J&Partners Asia Ltd and commissioner of J Resources Asia Pasifik. He
was previously MD and Head of Investment Banking for China at Barclays Capital in Hong Kong.
GIC Pte Ltd
Singapore sovereign-wealth fund GIC is a member of Northstar Pacific Partners-led consortium
Northstar Tambang Persada, which controls IDX-listed coal miner Delta Dunia Makmur. Delta Dunia
Makmur acquired Bukit Makmur Mandiri Utama from Johan Lensa for USD 240m in 2009.
Golden Group Pty Ltd
Johan Lensa was named in a February 2011 West Australian report as the financial backer of the Belmont Park residential project of Australia-based Golden Group, which was founded and controlled by
Indonesian couple Mimi Wong and Howard Sugiarso. The report stated that Lensa held an up-to-70%
stake in investment holding company Golden River Developments at the time.
Gondokusumo Family
Johan Lensa, through Bukitmakmur Widya (BMW), has held a minority stake in the Gondokusumo family-controlled, IDX-listed Intiland Development, according to a June 2010 Viva News report citing corporate secretary Theresia Rustandi. Intiland Development cancelled a USD 50m loan from Credit Suisse
as Johan Lensa agreed to provide financing for the IDX-listed property developer in May 2010,
Debtwire reported. BMW held a 8.8% stake in Intiland, according to a July 2010 shareholder registration announcement. Subsequent stock exchange records do not show BMW as a shareholder of Intiland. However, they name BMW as a holder of 18.33% of Intiland’s warrants until June 2011. The
Gondokusumo family, which is covered by Capital Profile, was involved in controversial disputes with
creditors and business partners following the Asian Financial Crisis.
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Johan Lensa Family
AFFILIATIONS
AFFILIATION
NOTES
Hendrick Tee
Hendrik Tee has acted as financial adviser to Johan Lensa. He was CFO of the Widjaja family's Asia
Pulp & Paper during its controversial default and restructuring after the Asian Financial Crisis.
Gondokusumo family-controlled Intiland Development cancelled plans for a USD 50m loan from Credit
Suisse after Johan Lensa agreed to provide financing for the IDX-listed property developer in May
2010, Debtwire reported. According to Debtwire, Hendrick Tee helped broker the deal. The report noted that Tee has helped Lensa in the sale of his majority stake in BUMA to Delta Dunia Makmur for USD
240m in 2009.
Honoris Family
Johan Lensa, through Bukitmakmur Widya, has held a significant stake in Honoris family-controlled IDX
-listed Modernland Realty, according to January 2012 Bisnis Indonesia report citing Modernland corporate secretary Freddy Chan. Bukit Makmur Widya held a 19.63% stake in the property developer as of
September 2011. However, its shareholding was diluted to 9.57% by the end of 2011 due to a rights
issue. BMW in January 2012 sold its stake to Modern Griya Reksa, an affiliate of Modernland Realty.
The Honoris family, which is covered by Capital Profile, is highly controversial due do alleged embezzlement of funds from its Bank Modern following the Asian Financial Crisis.
KUD Dharma Tani
J Resources Asia Pasifik (PSAB) subsidiary Puncak Emas Gorontalo has been involved in a gold mine
contract dispute with village cooperative KUD Dharma Tani and Australia-based miner One Asia Resources, the Jakarta Post reported in February 2014 citing One Asia managing director Stephen Walters. Walters said that KUD Dharma Tani unilaterally terminated their agreement after One Asia refused to pay KUD Dharma Tani IDR 10bn, as the payment was not required by the agreement. Following the termination of the agreement, KUD Dharma Tani signed a cooperation agreement with PSAB in
December 2013 and established joint venture Puncak Emas Gorontalo. A May 2014 Jakarta Globe
report citing company statement noted that KUD Dharma Tani’s supervisory board deemed the agreement with PSAB to be invalid.
McConnell Dowell Constructors
(Aust) Pty Ltd
J Resources Asia Pasifik has partnered with Australia's McConnell Dowell to invest IDR 1trn each to
develop a gold smelter in Bakan, Northern Sulawesi, Kontan reported in January 2014 citing J Resources vice president Edi Permadi.
Northstar Pacific Partners
Northstar Pacific Partners is an Indonesia-based private equity firm controlled by Patrick Walujo, the
son-in-law of former Astra International executive and Triputra Group founder T.P. Rachmat. Northstar
Pacific Partners led consortium Northstar Tambang Persada, which controls IDX-listed coal miner Delta
Dunia Makmur. Delta Dunia Makmur acquired Bukit Makmur Mandiri Utama from Johan Lensa for USD
240m in 2009.
Northstar Tambang Persada Ltd
Northstar Tambang Persada Ltd is the Northstar Pacific Partners-led consortium consisting of TPG
Capital, Singapore Investment Corp and China Investment Corp which controls IDX-listed coal miner
Delta Dunia Makmur. Delta Dunia Makmur acquired a majority stake of Bukit Makmur Mandiri Utama
(BUMA) from Johan Lensa for USD 240m in 2009.
Thiess Pty Ltd
J Resources Asia Pasifik has partnered with Australia's Thiess Pty Ltd to invest IDR 1trn each to develop a gold smelter in Seruyung, Eastern Kalimantan, Kontan reported in January 2014 citing J Resources vice president Edi Permadi.
TPG Capital
TPG Capital is a member of Northstar Pacific Partners-led consortium Northstar Tambang Persada,
which controls IDX-listed coal miner Delta Dunia Makmur. Delta Dunia Makmur acquired Bukit Makmur
Mandiri Utama from Johan Lensa for USD 240m in 2009.
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Johan Lensa Family
NEWS (10 OF 84)
DATE
HEADLINE
2014-10-14
J Resources to issue maximum USD 300m notes to refinance USD 275m and USD 15m facilities
2014-09-15
J Resources Asia Pasifik spends 90% of this year's capex in 1H14 (translated)
2014-09-13
J Resources plans rights issue to meet minimum public shares requirement (translated)
2014-08-11
J Resources Asia Pasifik plans gold mine acquisitions in Indonesia and overseas - report (translated)
2014-08-05
J Resources Asia Pasifik to issue USD 50m-worth of bonus shares; to hold EGM on 29 August
2014-04-30
J Resources unit may seek loan to partly finance IDR 2tn gold mine development (translated)
2014-03-21
J Resources sees royalty fee on gold sales increase to 4% from 1% (translated)
2014-02-18
J Resources and Koperasi Produsen Dharma Tani form gold mining JV company
2014-01-21
J Resources partners with Thiess, McConnell Dowell on two gold smelters (translated)
2013-12-27
J Resources Asia Pasifik to invest IDR 2trn for gold processing plant (translated)
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For sales enquires contact Christophe Barel (+852 2158 9616; [email protected])
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Coverage
COUNTRY
NAME
COMPANY
COUNTRY
NAME
COMPANY
China
Chen Tianqiao Family
Shanda Games
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Xu Rongmao Family
Shimao Property
China
Chen Xin'ge
Jingrui Holdings
China
Xu Shaochun
Kingdee International Software
China
Chen Zhuolin Family
Agile Group
China
Yan Bin (Chanchai Ruayrungruang) Family
Reignwood Group
China
Dai Yongge Family
Renhe Commercial
China
Yan Hao
Jingrui Holdings
China
Dai Zhikang Family
Shanghai Zendai Property
China
Yang Guoqiang Family
Country Garden Group
China
Dong Shutong
China Nickel Resources
China
Yang Min Family
Hanking Group
China
Guo Guangchang
Fosun International Holdings
China
Yi Xiaodi Family
Sunshine 100 China Holdings
China
Guo Hao
Chaoda Modern Agriculture, Le Gaga Holdings
China
Yuan Yafei
Sanpower Group
China
Guo Yingcheng Family
Kaisa Group Holdings
China
Zen Wei Pao Family
Wai Kee Holdings
China
Guo Ziwen Family
China Aoyuan Property Group
China
Zeng Jie Family
Fantasia Holdings Group
China
Han Jie Family
China XD Plastics
China
Zhang Caikui Family
China Shanshui Cement
China
Han Jingyuan Family
China Oriental Group
China
Zhang Jimin Family
West China Cement
China
Hong Tianzhu Family
Texhong Textile Group Limited
China
Zhang Jingzhang Family
Haitian International Holdings
China
Hu Baosen Family
Central China Real Estate
China
Zhang Jun
Hilong Holdings
China
Huang Huanming Family
Mingfa Group
China
Zhang Lan Family
South Beauty
China
Huang Lianxi Family
China Lesso Group
China
Zhang Lei Family
Modern Land (China) Co
China
Huang Maoru Family
Maoye International, Great China Properties.
China
Zhang Li Family
Guangzhou R&F Properties Co, Kinetic Mines, Energy
China
Huang Nubo Family
Zhongkun Group
China
Zhang Mi Family
Honghua Group
China
Huang Yi Family
Zhongsheng Group Holdings
China
Zhang Ruilin Family
MIE Holdings
China
Jack Ma
Alibaba Group
China
Zhang Shiping Family
China Hongqiao Group, Weiqiao Textile
China
Jason Jiang
Focus Media
China
Zhang Tianren Family
Tianneng Power
China
Ji Haipeng Family
Logan Property
China
Zhang Wei
Boyaa Interactive International
China
Kong Jianmin Family
KWG Property Holdings
China
Zhang Xianyang Family
China Precious Metal Resources Holdings
China
Li Guoqing Family
China Dangdang E-commerce
China
Zhang Yingcen Family
China Tian Lun Gas Holdings
China
Li Hejun Family
Hanergy Group
China
Zhang Yong Family
Xinyuan Real Estate
China
Li Liufa Family
China Tianrui Group Cement, Sanmenxia Tianyuan Aluminum
China
Zhang Yuping Family
Hengdeli Holdings Limited
China
Li Shufu Family
Geely Automobile
China
Zhang Zhirong Family
Glorious Property Holdings, China Rongsheng Heavy Industries Group
China
Li Sze Lim Family
Guangzhou R&F Properties Co
China
Zhong Sheng Jian Family
Yanlord Land Group
China
Li Tao
China Green Agriculture, Kingtone Wirelessinfo Solutions
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Zhou Hongyi Family
Qihoo 360 Technology
China
Li Xinyan Family
Lonking Holdings
China
Zhou Mingming Family
Chaowei Power
China
Li Xuechun Family
Fufeng Group
China
Zhu Gongshan Family
GCL-Poly
China
Li Yan (Suo Lang Duo Ji)
China Lumena New Materials
China
Zhu Mengyi Family
Hopson Development Holdings
China
Liang Wengen Family
Sany Group
China
Zhu Xinli Family
Founders of Huiyuan Juice Group
China
Lin Long'an Family
Yuzhou Properties
Hong Kong
Cheng Yu Tung Family
New World Group, Chow Tai Fook
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Lin Zhong Family
CIFI Holdings
Hong Kong
Chun Chi Wai Family
China Metal Recycling
China
Liu Family (Hope Group)
Continental, East, West, New Hope Groups, Minsheng Banking Corp
Hong Kong
Fung family (Wing Hang Bank)
Wing Hang Bank
China
Liu Qiangdong
JD.com
Hong Kong
Joseph Lau Family
Chinese Estates Holdings
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Liu Shuqing Family
China Milk Products
Hong Kong
Kwok Family (Sun Hung Kai)
Sun Hung Kai Properties
China
Lu Zhiqiang
China Oceanwide Holdings
Hong Kong
Lam Family (Lai Sun Group)
Lai Sun Garment
China
Luo Fei Family
Biostime International
Hong Kong
Li Ka Shing Family
Cheung Kong Holdings, Hutchison Whampoa Limited
China
Luo Lin Family
Anton Oilfield Services Group
Hong Kong
Lo Family (Shui On, Great Eagle)
Great Eagle, Shui On
China
Ma Huateng Family
Tencent Holdings
Indonesia
Achmad Hamami Family
ABM Investama, Caterpillar distributor Trakindo.
China
Pan Shiyi Family
SOHO China
Indonesia
Alexander Tedja Family
Pakuwon Group
China
Peng Xiaofeng
LDK Solar
Indonesia
Angkosubroto Family
Gunung Sewu Kencana Group, Duta Anggada Realty
China
Shi Zhengrong
Suntech Power Holdings
Indonesia
Bakrie Family
Bakrie & Brothers
China
Shu Family (Wuzhou International)
Wuzhou International
Indonesia
Benny Subianto Family
Adaro Energy and Triputra Group
China
Shum Chiu Hung Family
Times Property Holdings
Indonesia
Chairul Tanjung
CT Corp
China
Song Weiping
Greentown China Holdings
Indonesia
Djojohadikusumo Family
Arsari Pratama Group
China
Sun Family (China Green, Sino-Environment)
China Green, Thumb Group, Sino-Environment, Radiance Group
Indonesia
Djokosoetono Family
Blue Bird Group
China
Sun Hongbin
Sunac China
Indonesia
Gondokusumo Family
Dharmala Group and Intiland Development.
China
Sun Zhongguo Family
Yingde Gases Group
Indonesia
Hartono Family
Djarum Group and Bank Central Asia (BCA)
China
Tong Jinquan Family
Summit Group
Indonesia
Heru Hidayat Family
Trada Maritime, Inti Agri Resources
China
Wang Jianlin Family
Wanda Group
Indonesia
Honoris Family
Modern Group
China
Wang Xingchun Family
Winsway Coking Coal
Indonesia
Kalla Family
Kalla Group, Bukaka Group, Haka Group
China
Wang Zhenhua Family
Future Land Development Holdings
Indonesia
Kiki Barki Family
Tanito Harum Group
China
Wang Zhongjun Family
Huayi Brothers Media Corporation
Indonesia
Kirana Family
Lion Air
China
Wei Qi Family
Tianhe Chemicals
Indonesia
Lohia Family
Indorama
China
Wong Choihing Family
Hydoo International Holding
Indonesia
Luhut Panjaitan Family
PT Toba Sejahtra
China
Wong Yam Yin Family
Golden Wheel Tiandi
Indonesia
Lukminto Family
Sritex Group
China
Wong Yeuk Hung Family
Redco Properties Group
Indonesia
Martua Sitorus Family
Wilmar International
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Wu Ruilin Family
Qiao Xing Mobile, Telsda Mobile and ZTC Mobile, Real Gold Mining
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Nursalim Family
Gajah Tunggal Group
China
Wu Yajun Family
Longfor Properties
Indonesia
Panigoro Family
Medco Group
China
Xian Yang Family
Hidili Industry
Indonesia
Patrick Walujo
Northstar Pacific
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Xu Jiankang Family
Powerlong Real Estate Holdings
Indonesia
Peter Sondakh Family
Rajawali Group
China
Xu Jiayin Family
Evergrande Real Estate Group Limited
Indonesia
Prajogo Pangestu Family
Barito Pacific Group, Chandra Asri Petrochemical
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Coverage
COUNTRY
NAME
COMPANY
Indonesia
Rachmat Family
Adaro Energy, Triputra Group
Indonesia
Riady Family
Lippo Group
Indonesia
Risjad Family
Salim Group, Risjadson Group
Indonesia
Rosan Roeslani
Recapital Advisors
Indonesia
Salim Family
The Salim Group
Indonesia
Samin Tan
Bumi Plc, Borneo Lumbung Energi & Metal
Indonesia
Sampoerna Family
HM Sampoerna
Indonesia
Sandiaga Uno
Saratoga Capital
Indonesia
Santosa Family
Japfa Comfeed, PT Plaza Indonesia Realty
Indonesia
Soeryadjaya Family
Astra International and Saratoga Capital
Indonesia
Sudwikatmono Family
Salim Group
Indonesia
Sukanto Tanoto Family
Royal Golden Eagle (Raja Garuda Mas) Group
Indonesia
Surya Family
Berlian Laju Tanker, Arpeni Pratama
Indonesia
Tanoesoedibjo Family
MNC Group
Indonesia
The Ning King Family
Argo Manunggal Group, Alam Sutera Realty, Argo Pantes
Indonesia
Thohir Family
Tri Nugraha Thohir Group
Indonesia
Tomy Winata Family
Artha Graha Group
Indonesia
Widjaja Family
Sinar Mas Group, Asia Pulp & Paper
Indonesia
Wirjawan Family
Ancora Capital
Japan
Torii/Saji Family (Suntory)
Suntory Holdings
Malaysia
Robert Kuok Family
Kuok Group, Wilmar International, Shangri-La Asia, PPB Group
Malaysia
Vincent Tan Family
Berjaya Corp, Tropicana Corp
Mongolia
Jambaljamts Family
Mongolian Mining Corporation
Myanmar
Aung Ko Win Family
Kanbawza Group of Companies
Myanmar
Moe Myint Family
Myint & Associates
Myanmar
Serge Pun Family
SPA Group and Yoma Strategic Holdings
Myanmar
Steven Law Family
Asia World Group
Myanmar
Tay Za Family
Htoo Group of Companies
Myanmar
Zaw Zaw Family
Max Myanmar
Philippines
Andrew Tan Family
Alliance Global and Megaworld
Philippines
Gokongwei Family
JG Summit Holdings
Philippines
Lucio Tan Family
LT Group, Philippine National Bank, Philippine Airlines, Asia Brewery,
Tanduay Holdings, Fortune Tobacco
Philippines
Manuel Villar Family
Vista Land and Starmalls
Philippines
Zobel de Ayala Family
Ayala Corp and San Miguel Corp
Singapore
Ng Teng Fong Family
Far East Organization, Sino Group
Thailand
Bodharamik Family
Jasmine International
Thailand
Chearavanont Family
CP Group
Thailand
Chirathivat Family
Central Group
Thailand
Kanjanapas Family
Bangkok Skytrain (BTS Group), Bangkok Land, Stelux Holdings.
Thailand
Karnasuta Family
Ital-Thai Group and Italian-Thai Development
Thailand
Mahagitsiri Family
PM Group
Thailand
Ruangkritya Family
Ananda Development
Thailand
Shinawatra Family
Shin Corp
Thailand
Sirivadhanabhakdi Family
Thai Beverage
Thailand
Siriviriyakul Family
KTIS Group
Thailand
Tan Passakornnatee Family
Ichitan Group and Oishi Group
Thailand
Tanaka Family (Fuji Group)
Fuji Group
Thailand
Thai Royal Family
The Thai Crown Property Bureau, Siam Cement, Siam Commercial
Bank
Thailand
Thirakomen/Hanjitkasem Family
MK Restaurant Group
Thailand
Vongkusolkit Family
Mitr Phol and Banpu
Vietnam
Dang Thanh Tam Family
Saigon Investment Group, Kinh Bac Urban Development, Tan Tao
Group
Vietnam
Doan Nguyen Duc Family
Hoang Anh Gia Lai Group
Vietnam
Nguyen Dang Quang Family
Masan Group
Vietnam
Pham Nhat Vuong Family
Vingroup.
Vietnam
Tram Be family
Sacombank, Southern Bank and Binh Chanh Construction, Investment
Vietnam
Truong Gia Binh Family
FPT Corporation
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