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Sinar Mas
Sinar Mas is one of the largest conglomerates in Indonesia. It was formed in 1938. It has numerous subsidiaries, including Asia Pulp & Paper and palm oil producer PT SMART. The company also acquired Berau Coal Energy from Asia Resource Minerals PLC, a major mining group founded by Nathaniel Rothschild, in a takeover initiated by Fuganto Widjaja.
Sinar Mas was founded by a Chinese Indonesian tycoon, Eka Tjipta Widjaja.
Sinar Mas businesses operate in different sectors such as pulp & paper, real estate, financial services, agribusiness, telecommunications, and mining. The businesses are listed in the Indonesian and Singapore stock exchanges.
In its early days, Sinar Mas was first started as a small grocery shop in 1938 in Makassar, Dutch East Indies by Eka Tjipta Widjaja. After the end of the Indonesian national revolution, Eka started to expand his business into copra, palm oil, and paper production. After the failure of his copra business, Eka later established CV Sinar Mas in Surabaya and established a cooking oil factory along with a paper mill in the city.
In 2010, Smartfren was founded as a result of a merger with a telecommunications provider, Fren.
Since 2003, Sinar Mas no longer calls itself the Sinar Mas Group because after restructuring Sinar Mas no longer has a holding company, but rather a President's office that facilitates/assist in implementing its business pillars.
In 2001, Asia Pulp & Paper (APP), the subsidiary of Sinar Mas, called a standstill on $14 billion worth of bonds and loans and stopped repaying its debt, including interest payments, in what is still the largest default to foreign investors in Asian market history. On August 15, 2018, the Anti Forest Mafia Coalition, published a report revealing that two APP suppliers in East Kalimantan had cleared nearly 32,000 hectares of natural forest, in violation of APP’s no-deforestation commitment in February 2013. Prior to this, APP and its pulpwood suppliers had a history of almost 30 years of deforestation and related destruction in the region. APP has hence remained one of only three companies in the world that the Forest Stewardship Council has disassociated from since October 2007. On September 7, 2018, the World Wide Fund for Nature (WWF) openly recommended that companies and financial investors end their business relationships with APP and its affiliates.
In 2015, Berau Capital Resources Pte Ltd (Singapore) issued US$450 million worth of 12.5% guaranteed senior secured notes. In 2017, PT Berau Coal Energy (Indonesia) also issued US$500 million worth of 7.25% guaranteed senior notes. Both the 2015 and 2017 notes went into default. As of July 2015, the Berau Group brought 4 separate rounds of scheme of arrangement / moratorium proceedings, with terms which have been described as “frankly insulting” at a time when global coal prices had doubled. None of the schemes has succeeded.
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Sinar Mas
Sinar Mas is one of the largest conglomerates in Indonesia. It was formed in 1938. It has numerous subsidiaries, including Asia Pulp & Paper and palm oil producer PT SMART. The company also acquired Berau Coal Energy from Asia Resource Minerals PLC, a major mining group founded by Nathaniel Rothschild, in a takeover initiated by Fuganto Widjaja.
Sinar Mas was founded by a Chinese Indonesian tycoon, Eka Tjipta Widjaja.
Sinar Mas businesses operate in different sectors such as pulp & paper, real estate, financial services, agribusiness, telecommunications, and mining. The businesses are listed in the Indonesian and Singapore stock exchanges.
In its early days, Sinar Mas was first started as a small grocery shop in 1938 in Makassar, Dutch East Indies by Eka Tjipta Widjaja. After the end of the Indonesian national revolution, Eka started to expand his business into copra, palm oil, and paper production. After the failure of his copra business, Eka later established CV Sinar Mas in Surabaya and established a cooking oil factory along with a paper mill in the city.
In 2010, Smartfren was founded as a result of a merger with a telecommunications provider, Fren.
Since 2003, Sinar Mas no longer calls itself the Sinar Mas Group because after restructuring Sinar Mas no longer has a holding company, but rather a President's office that facilitates/assist in implementing its business pillars.
In 2001, Asia Pulp & Paper (APP), the subsidiary of Sinar Mas, called a standstill on $14 billion worth of bonds and loans and stopped repaying its debt, including interest payments, in what is still the largest default to foreign investors in Asian market history. On August 15, 2018, the Anti Forest Mafia Coalition, published a report revealing that two APP suppliers in East Kalimantan had cleared nearly 32,000 hectares of natural forest, in violation of APP’s no-deforestation commitment in February 2013. Prior to this, APP and its pulpwood suppliers had a history of almost 30 years of deforestation and related destruction in the region. APP has hence remained one of only three companies in the world that the Forest Stewardship Council has disassociated from since October 2007. On September 7, 2018, the World Wide Fund for Nature (WWF) openly recommended that companies and financial investors end their business relationships with APP and its affiliates.
In 2015, Berau Capital Resources Pte Ltd (Singapore) issued US$450 million worth of 12.5% guaranteed senior secured notes. In 2017, PT Berau Coal Energy (Indonesia) also issued US$500 million worth of 7.25% guaranteed senior notes. Both the 2015 and 2017 notes went into default. As of July 2015, the Berau Group brought 4 separate rounds of scheme of arrangement / moratorium proceedings, with terms which have been described as “frankly insulting” at a time when global coal prices had doubled. None of the schemes has succeeded.