The 'Legs' Of Jokowi's Child Kaesang Business Tread Everywhere: From Culinary, Football, To Investors In Shrimp Companies

Son of the President of the Republic of Indonesia Joko Widodo (Jokowi), Kaesang Pangarep. (Photo: Instagram @kaesangp)

JAKARTA - The youngest child of President Joko Widodo (Jokowi), Kaesang Pangarep looks aggressive in developing his business. The "legs" of Kaesang's business have spread and tread everywhere, starting from the culinary business, football and recently becoming an investor in a shrimp-based frozen food processing company, PT Panca Mitra Multiperdana Tbk (PMMP).

Kaesang Pangarep's investment in PMMP was made through the company he owns, PT Harapan Bangsa Kita or GK Hebat. Kaesang officially invested in PMMP by buying 188.24 million shares, equivalent to 8 percent of all issued and fully paid shares in Panca Mitra Multiperdana.

The hundreds of millions of PMMP shares were bought up by PT Harapan Bangsa Kita from the controlling hands of PT Panca Mitra Multiperdana Tbk, namely PT Tiga Makin Jaya. With a transaction price of IDR 490 per share, PT Harapan Bangsa Kita invested around IDR 2.24 billion to take over 8 percent of PMMP's shares.

Director of PT Harapan Bangsa Kita Anthony Pradiptya, who is a business partner of Kaesang Pangarep, said the purchase of PMMP shares was intended as an investment. PT Harapan Bangsa Kita has been known as the umbrella business for Kaesang Pangarep in the culinary business.

PT Harapan Bangsa Kita oversees a number of businesses such as Sang Banana, Yang Chicken, Lets Toast and Ternakopi. In addition, there is also an information technology company called Enigmapap.

Kaesang also had time to get involved in the start-up business. His first startup was Sang Javas which sold t-shirts. While studying at the Singapore University of Social Sciences (SUSS), Kaesang also founded Sang Pisang, the food application Madhang.id and the game Hompimpagames.

In the world of capital markets, Kaesang Pangarep is no stranger. He personally started investing in stocks since 2017.

Through his Twitter account, Kaesang Pangarep has also been diligent in tweeting about several selected stocks, including PT Perusahaan Gas Negara Tbk (PGAS), PT Kimia Farma Tbk (KAEF), to PT Bank Jatim Tbk (BJTM).

As for the football business, Kaesang Pangarep is a shareholder of PT Persis Solo Saestu, the owner of the Persis Solo football club. Kaesang owns 40 percent of PT Persis Solo Saestu's shares.

Other shareholders, businessman Kevin Nugroho 30 percent, SOE Minister Erick Tohir with 20 percent, and the rest belongs to the founder and 26 internal teams. Kaesang is lined up to be the president director of the company that owns the team nicknamed Laskar Sambernyawa.

With the entry of Kaesang et al, Persis Solo who is now competing in Liga 2, the second tier of the Indonesian League, has ambitions to advance to Liga 1, the main competition of Indonesian football.