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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 December 1976, Indah Kiat was formed as a joint venture between CV Berkat (an Indonesian company), Chung Hwa Pulp Corporation, and Yuen Foong Yu Paper Manufacturing Company. Sinar Mas acquired 67 per cent of the venture's total shares. [3] Tjiwi Kimia was listed on the Jakarta and Surabaya Stock Exchanges beginning in 1990.
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In 2022, the Ministry of Industry estimated that Indonesia's pulp and paper industry employed 161,000 workers directly and 1.2 million workers indirectly. The industry had an installed production capacity of 12.1 million tonnes of pulp and 18.3 million tonnes of paper annually, the eighth-largest in the world. [9]
Due to this, Bumi Serpong Damai changed ownership to Sinar Mas Land around 2003–2004. To change its brand image, Sinar Mas eventually changed the name of the township into its initials, becoming BSD City, and built new residential clusters with new names (De Latinos, The Icon, Sevilla, Foresta, etc.) to market it better.
PT Bank Sinarmas Tbk is a subsidiary of Sinar Mas Multiartha engaged in banking. To support its business activities, by the end of 2020, the bank has 69 branch offices , 134 sub-branch offices, 140 cash offices, 28 sharia branch offices, and 12 sharia cash offices.
Fuganto Widjaja (born 1980/1981) is an Indonesian billionaire businessman.. Fuganto Widjaja is the grandson of Eka Tjipta Widjaja, the founder of the Sinar Mas Group, an Indonesian palm oil and property conglomerate started before the Second World War.
Widjaja was born Oei Ek Tjhong (c. 1921 [a] –2019, born in Quanzhou, China as Oei Ėk-Tjhong) [7] He was the son of a Celebes-based trader. [8]Around 1930, he and his mother moved to Indonesia–then the Dutch East Indies–to join his father who had already settled in Makassar, Sulawesi, and he started helping his father to run a small shop.