Who Is The Conglomerate TP Rachmat, Triputra Group Business Owner: William Soeryadjaya's Nephew, Astra Group Founder

Conglomerate TP Rachmat. (Photo: Doc. Surya Esa Perkasa)

JAKARTA - Another company from the Triputra Group officially listed its shares on the trading board of the Indonesia Stock Exchange, namely PT Dharma Polimetal Tbk (DRMA) on Monday, December 20 yesterday.

Dharma Polimetal, which is engaged in the manufacturing sector, follows its sister company, PT Triputra Agro Persada Tbk (TAPG), which first went public on April 12, 2021.

The Triputra Group is owned by conglomerate Theodore Permadi (TP) Rachmat. Under the Triputra Group, TP Rachmat, who is the nephew of Astra Group founder William Soeryadjaya, controls companies operating in agribusiness, manufacturing, trade and services, mining, pension funds, and foundations.

At least one company from each line of business under the umbrella of the Triputra Group has made an initial public offering (IPO) on the Indonesia Stock Exchange.

The first company owned by TP Rachmat to go public on the IDX was PT Adi Sarana Armada Tbk (ASSA) whose IPO was held on November 12, 2011. At that time, ASSA pocketed fresh funds of Rp530.40 billion.

ASSA is a transportation solution company in Indonesia, especially car rental. At least the company manages more than 16,000 fleets and 2,800 drivers serving more than 1,000 companies in Indonesia.

Based on the Triputra Group's official website, ASSA has expanded its service area to all major cities in Indonesia by operating 44 networks and more than 690 authorized vehicle repair outlets.

A year later, a plantation company under the Triputra Group, namely PT Dharma Satya Nusantara Tbk (DSNG), became a public company on June 14, 2013, with an emission value of Rp508.75 billion.

DSNG is engaged in industry, forestry, agriculture and plantations, trade, transportation, construction, and services. DSNG's two main business lines today are the palm oil (CPO) industry and the wood product industry.

Furthermore, PT Kirana Megatara Tbk (KMTR) was listed on the IDX on June 19, 2017, by pocketing funds worth Rp527.82 billion. Kirana Megatawa Group is a rubber producer with a production capacity of more than 500,000 tons per year.

KMTR has 15 rubber processing factories in Sumatra and Kalimantan. Apart from rubber, the company is also expanding its business into commodity lines such as rice, corn, and tapioca.

PT Triputra Agro Persada Tbk (TAPG) At the beginning of this year, the issuer of palm oil from the Triputra Group followed the IPO, namely PT Triputra Agro Persada Tbk (TAPG) with the acquisition of fresh funds of Rp173.24 billion.

Currently, TAPG has a planting area of 170,000 hectares from 27 plantations. The company's business segments are divided into two, namely palm oil and palm kernel, and rubber. As of September 30, 2020, Triputra Agro Persada's production volume including its entities for FFB was around 1.8 million tons, CPO around 582,247 tons, and PK around 121,114 tons.

The company also has 15 units of palm oil mills with a total capacity of 845 tons per hour. TAPG shares experienced a 7.63 percent decline in the last 6 months with a market capitalization of Rp12.01 trillion.

After enlivening the stock exchange floor with plantation companies, the Triputra Group finally brought in an IPO of its manufacturing entity, PT Dharma Polimetal Tbk (DRMA) at the end of this year with total proceeds of Rp352.94 billion.

DRMA has a business in automotive component manufacturing. Currently, the company is listed as a producer that also has partnerships with a number of major customers. This includes partnerships to become official component suppliers for domestic vehicle manufacturers.

Some of the company's customers are PT Astra Honda Motor, PT Kawasaki Motor Indonesia, PT Astra Daihatsu Motor, PT Toyota Motor Manufacturing Indonesia, PT Honda Prospect Motor, PT Suzuki Indomobil Motor, to PT Nissan Motor Indonesia.