Indonesia’s Richest Family Deploys USD1.4bn Abroad

Hartono family overseas investments have reached at least USD1.4bn through nine Singapore- and London-based entities as Indonesia’s wealthiest family diversifies beyond its domestic holdings, Bloomberg reported.

The Hartono family, estimated to be worth around USD30bn, has traditionally kept most of its wealth in Indonesia but is increasingly acquiring businesses overseas.

Transactions include the purchase of a US specialty paper company for USD669m and an Austrian cigarette-paper manufacturer for EUR360m (USD419m), according to filings and people familiar with the group.

The strategy is intended to diversify revenue streams across different currencies as Indonesia’s economic and political environment remains volatile.

The family’s major domestic holdings include Bank Central Asia and cigarette producer Djarum.

Bloomberg said the Hartonos continue to explore further overseas opportunities, including an investment in a Singapore-based financial-services software company. The family declined to comment on the report.