Join In Building The Kayan Cascade Hydropower Plant, This Is Sumitomo's Business List In Indonesia

PT Kayan Hydro Energy (KHE) in collaboration with Sumitomo Corporation (Maria Trisnawati/VOI)

The government continues to oversee the construction of the Kayan Cascade hydropower plant which was carried out in Peso District, Bulungan Regency, North Kalimantan (Kaltara).

In the building, PT Kayan Hydro Energy (KHE) collaborated with Sumitomo Corporation, one of the largest companies in the world centered in Japan.

Even though it is based in Sakura Country, Sumitomo's business is also in Indonesia.

Quoted from the Sumitomocorp website, PT Sumitomo Indonesia is a subsidiary of Sumitomo Corporation. Sumitomo's company is engaged in several fields such as the exchange of goods, services, and technology.

Not only in Indonesia, Sumitomo Corp has 800 companies spread across 130 locations in 66 countries (as of November 1, 2022). The following is a list of Smitomo companies in Indonesia.

Not only establishing a company in Indonesia, but Sumitomo Group is also an investor in several companies in the country, including the establishment of the Kayan Cascade hydropower plant with an investment value of 17 billion US dollars.

In addition, the company will conduct an assessment of green industry development in North Kalimantan (Kaltara). In the future, the green industry development will utilize energy from the hydropower plant.

Sumitomo also invests in other large national companies, especially in open companies (Tbk) such as PT Vale Indonesia Tbk (INCO) which owns a stake of 20.1 percent and then invests in PT Pelat Timah Nusantara Tbk or Latinusa (NIKL) with 35 percent share ownership.

Not only that, Sumitomo also invested in PT Citra Tubindo Tbk (CTBN) and PT Sumi Indo Cable Tbk (IKBI).

In both companies, Sumitomo holds shares of 7 percent and 92.2 percent of shares, respectively. In addition, it also bought 2 percent of PT Blue Bird Tbk (BIRD) shares in December 2018.

The forerunner of Sumitomo Corporation has existed since the 1500s. At that time Masatomo Sumitomo, a Buddhist priest, established a drug shop and small book named Fujiya.

Over time, Sumitomo's family began to develop their business.

They are exploring other businesses such as copper mining, textile trading, sugar, and medicines.

Although it has existed since the 1500s, the company Sumitomo Corporation itself only established in December 1919 as The Osaka North Harbor Co Ltd.

The company is involved in housing management, land reclamation, land leveling, port repair construction and repairs in Osaka's northern port area.

Having gone through ups and downs, Sumitomo Corporation now has hundreds of companies spread across dozens of countries. Sumitomo Corporation is the largest commercial trading company in the world with the rank of 238 as the world's richest company according to Fortune Global 500.

Sumitomo Corp's revenue was not kidding. In 2020, the company was able to reap a profit of US$48.74 billion.

That's information related to Sumitomo's business. To get other interesting information, visit VOI.ID.