Omnia lights a fuse in booming Indonesia
Amid infrastructure problems in South Africa, the allure of more distant markets may prove too difficult to resist for the chemicals company
Indonesia has a habit of minting billionaires. The listing of PT Amman Mineral Internasional was one of the best IPOs globally last year. At $750m it topped the list of debutants to the country’s modestly sized equity market that included Harita Nickel and Merdeka Battery Minerals, which collectively raised $1.25bn via IPOs.
They have mining in common where a concerted push towards battery minerals is giving fresh impetus to a nation known for its coal. One consequence of the IPO rush is a bevy of new billionaires. Amman Mineral chair Agus Projosasmito was worth $2.7bn after the firm’s stock rose 269%. Five of the company’s other co-investors are also billionaires, each with a link to Anthoni Salim, the tycoon atop Salim Group, one of Indonesia’s largest conglomerates...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.