Latest news with #SukantoTanoto
Forbes
30-05-2025
- Business
- Forbes
Billionaire Sukanto Tanoto's RGE, TotalEnergies To Build Solar Project In Indonesia
Solar panel cell. getty Royal Golden Eagle (RGE)—controlled by Indonesian billionaire Sukanto Tanoto—and French energy giant TotalEnergies agreed to develop a solar power project in Indonesia. Under the deal that was announced this week, the two companies, through their 50:50 joint venture Singa Renewables, will develop, build, and operate a solar power plant with a battery energy storage system in Indonesia's Riau Province, south of Singapore. 'We are taking meaningful steps to advance regional connectivity and contribute to the acceleration of the energy transition in the region,' Imelda Tanoto, managing director of RGE, said in the statement. The project will be constructed in phases and will supply power for green industrial estates in Riau and also export the electricity to Singapore. The company, however, didn't disclose when the project will be completed. 'Our utility-scale project underscores TotalEnergies' commitment to supporting the region's energy transition efforts, while ensuring energy security,' Helle Kristoffersen, president for Asia of TotalEnergies said. Last September, Singa Renewables secured conditional approval from Singapore's Energy Market Authority to import one gigawatt of solar-generated electricity to the city state. With a real-time net worth of $3.4 billion, Tanoto is among the wealthiest in Indonesia. His privately held RGE is a diversified conglomerate with over $35 billion in assets across pulp and paper, palm oil, and energy industries, employing 80,000 people globally. Through his real estate arm Pacific Eagle Real Estate, he has expanded his property portfolio across China, Singapore and Europe.
Reuters
24-04-2025
- Business
- Reuters
Kimberly-Clark's $4 billion international tissue unit set for three-way M&A fight, sources say
HONG KONG/SINGAPORE, April 24 (Reuters) - Southeast Asia's Royal Golden Eagle (RGE) and Asia Pulp & Paper Co (APP), as well as Brazil's Suzano SA ( opens new tab are the final bidders for Kimberly-Clark's (KMB.N), opens new tab international tissue business valued at around $4 billion, four people said. The three short-listed companies are doing due diligence on the business and are expected to submit binding bids by mid-May, said the people who had knowledge of the matter but did not wish to be identified as the information was not public. Kleenex tissues maker Kimberly-Clark has hired Goldman Sachs (GS.N), opens new tab and Centerview Partners to run the sale of the business, said two of the people. The unit, which was put on the block by Kimberly-Clark as part of a restructuring initiated last year, generates around $500 million in annual earnings before interest, taxes, depreciation, and amortisation (EBITDA), they said. Irving, Texas-headquartered Kimberly-Clark did not respond to a request for comment. Singapore-headquartered resources and energy group Royal Golden Eagle, and Brazilian pulp maker Suzano declined to comment. Indonesia's Asia Pulp & Paper did not respond to a request for comment. Goldman Sachs and Centerview declined to comment. The sale is proceeding as U.S. President Donald Trump's broad trade tariffs weigh on Kimberly-Clark's business outlook. The consumer goods company slashed its annual profit forecast on Tuesday due to increased costs as a result of the tariffs. Its international tissue business, however, will not be similarly impacted, said two of the sources. The business, on the other hand, benefited from the recent depreciation of the U.S. dollar against major currencies around the world, one of the sources added. RGE is vying for the business as it is planning a major global expansion with potentially billions to spend on acquisitions, said two of the sources. The group, owned by Indonesian billionaire Sukanto Tanoto, won a bid over APP in 2023 to acquire a 52% stake in Hong Kong-listed tissue and diaper maker Vinda for $3.4 billion. Suzano, which also participated in Vinda's sale process, told investors last year it would acquire assets to generate growth, according to analysts' reports. The Brazilian company also engaged in talks in 2024 to buy International Paper (IP.N), opens new tab but failed to reach an agreement with the U.S.-based firm, in a deal estimated at about $15 billion. In 2022 Suzano announced a deal to buy Kimberly-Clark's tissue paper operations in Brazil for an undisclosed sum. Kimberly-Clark said in March last year that it will reorganise its businesses to simplify operations and cut costs.
South China Morning Post
17-02-2025
- Entertainment
- South China Morning Post
Billionaire's daughter launches art foundation in Singapore
Published: 7:15am, 18 Feb 2025 In January 2025 collectors, curators and artists crowded into the sleek basement of Belinda Tanoto's Singapore home. The younger daughter of Indonesian billionaire Sukanto Tanoto was hosting an intimate soirée to coincide with the city state's annual art week. The sprawling, white-cube space was filled with monumental sculptures and large works by major Asian artists such as South Korean Mire Lee and Malaysian fibre artist Anne Samat. While this was a private party for insiders, Tanoto also hosted a symposium open to the public earlier that day to mark the launch of the Tanoto Art Foundation (TAF), a Singapore-based non-profit organisation devoted to contemporary art in Southeast Asia. Both events were among the highlights of Singapore's art week, and TAF is garnering attention as one of the first private foundations of its kind in the region. 'Art is about bridging cultures and building communities. So we feel like it's really important to contribute to a thriving and vibrant art ecosystem,' says Belinda Tanoto , trustee of the TAF. 'We saw that there were ways that a private institution that is more nimble, agile and flexible can play a part.'
