TEMPO.CO, Jakarta - The four children of late Indonesian billionaire Michael Bambang Hartono have inherited shares worth at least US$2.93 billion (about S$3.75 billion) each in the family's holding company, marking one of Asia's largest wealth transfers in recent years.
The Straits Times reported that Michael's 49 percent stake in Dwimuria Investama Andalan was divided equally among his four heirs, according to a government filing.
Michael died in March at the age of 86. Together with his brother, Robert Budi Hartono, he built one of Indonesia's largest family fortunes through businesses spanning banking, cigarettes, shopping malls and plantations.
Based on Dwimuria's ownership of Bank Central Asia, or BCA, Michael's stake in the holding company was worth at least US$11.7 billion as of Aug. 11.
The inheritance represents the transfer of roughly US$11.7 billion in assets to the next generation, with each of the four heirs receiving an equal quarter of Michael's stake.
Hartono Family Fortune
Michael and Robert Budi Hartono owned just over half of BCA, Indonesia's largest lender, through Dwimuria. Their family also controls Djarum, one of the country's largest producers of kretek, or clove-flavored cigarettes.
The brothers expanded the cigarette business they inherited from their father before diversifying into financial services and other industries.
BCA has since become Indonesia's largest bank by market value, with a valuation of about US$44 billion.
The Hartono family's combined net worth stood at US$28.6 billion as of Aug. 11, according to the Bloomberg Billionaires Index, making them Indonesia's richest family.
A family representative declined to comment on the inheritance filing.
One of Asia's Biggest Wealth Transfers
The transfer adds to a broader trend of fortunes accumulated by Asia's wealthiest business families being passed to the next generation.
The Hartono inheritance surpasses the roughly US$10 billion fortune left by Singaporean banking tycoon Wee Cho Yaw, the late patriarch of United Overseas Bank.
The division of Michael's stake also comes as the Hartono family's next generation assumes greater roles in the group's businesses.
Victor Hartono, the eldest son of Robert Budi Hartono, has succeeded his father as chief executive officer of Djarum, according to a separate filing. He previously served as the company's chief operating officer.
Michael Bambang Hartono's four heirs also have interests in various parts of the family's business empire, extending the Hartonos' ownership and influence into a new generation.
Read: Indonesian Tycoon, Djarum Co-Owner Michael Bambang Hartono Dies at 86
Click here to get the latest news updates from Tempo on Google News
