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ne of Indonesia’s biggest business tycoons Eka Tjipta Widjaja, the founder of Sinar Mas Group, passed away at his home in Jakarta on Saturday as a result of health issues and old age.

He was 98 years old.

Eka, who created a multi-billion-dollar business empire in various industries, died at 7:43 p.m, said Gandi Sulistiyanto, Sinar Mas Group managing director.

Born to a poor family in Fujian province, China, Eka successfully changed his destiny after he and his parents migrated to Makassar in South Sulawesi. When he was still 15 years old, Eka, then known as Oei Ek Tjhong, sold biscuits and candies by bicycle everywhere in his hometown.

Eka only had an elementary school education. For him, however, no hope or ambition was too high to achieve. “The philosophy of honesty, maintaining credibility and being responsible, both to your family, work and social affairs became his life’s compass,” Sinar Mas Group said in a statement.

The entrepreneur of Chinese origin achieved his early success in commodities trading. He formed CV Sinar Mas in Surabaya at the age of 37, which at that time, focused on coffee and rubber plantations.

The company then expanded into the chemical industry as Eka Tjipta founded PT Tjiwi Kimia in 1976, which then expanded from a chemical company into one of the world’s biggest publicly listed paper companies, now called PT Pabrik Kertas Tjiwi Kimia.

Besides Tjiwi Kimia, Sinar Mas Group also owned another publicly listed paper company called PT Indah Kiat Pulp and Paper.

His pulp and paper business is now under holding company Asia Pulp and Paper, which operates not only in Indonesia, but also in China, with sales in 120 countries worldwide.

In addition to its pulp and paper business, Sinar Mas Group also manages companies in the agribusiness sector. The group has a holding company named Golden Agri-Resources Ltd (GAR), founded in 1996, and listed on the Singapore Exchange.

GAR has several subsidiaries, which include PT Sinar Mas Agro Resources Technology (SMART), which has been listed on the Indonesia Stock Exchange since 1992.

In property business, Sinar Mas Land Limited, a company listed on the Singapore Stock Exchange, is a property developer that operates in Indonesia, China, Malaysia and Singapore. It also has a property portfolio in London, England.

Sinar Mas Land controls two property companies in Indonesia, namely PT Duta Pertiwi and PT Bumi Serpong Damai. These two companies have created township development, commercial, residential, as well as industrial estates across Indonesia.

Sinar Mas Group also has many more businesses in financial services, telecommunications, energy, infrastructure and digital ventures.

In 2018, Eka Tjipta Widjaja was named the third-richest person in Indonesia by Forbes magazine. His wealth accounted for Rp 124.7 trillion (US$8.6 billion).

In maintaining the success of his business group, Eka has put his trust in his children. His eldest son, Teguh Ganda Widjaja has inherited the pulp and paper business.

Franky O. Widjaja will be in charge of agribusinesses and food, Muktar Widjaja will take care of the real-estate and property sector, and Indra Widjaja will manage the financial services business.

Gandi said that all his life, Eka Tjipta held a strong philosophy of honesty, credibility and responsibility both in his own family and in his social life.

“His philosophies in life have become Sinar Mas’ values, which consist of integrity, positivity, commitment, sustainable development, innovation and loyalty,” he said. (aak)