Bakrie & Brothers

The story of Bakrie & Brothers begins in 1942, even before Indonesian independence, when founder Achmad Bakrie started a small trading company dealing in commodities. Initially a general trading and distribution firm, the company's early success was built on exporting local produce like coffee and rubber. This laid the groundwork for what would become one of Indonesia's largest conglomerates. In the 1950s, the company made a pivotal shift into manufacturing, establishing itself as a pioneer in Indonesia's steel pipe industry. This move marked the beginning of significant diversification. Over the following decades, Bakrie & Brothers expanded into a wide array of sectors, including mining, property development, infrastructure, plantations, and media. A major milestone occurred on August 28, 1989, when the company went public with its Initial Public Offering (IPO) on the Jakarta Stock Exchange, now the Indonesia Stock Exchange. The journey was not without major challenges. The Asian Financial Crisis in 1997 created a severe debt crisis for the group. This led to a period of restructuring where the company had to divest some assets to manage its financial obligations. Despite these hurdles, the company continued to evolve, eventually focusing its strategy on manufacturing, infrastructure, and strategic investments. Today, the group is headed by the founder's sons and grandson, continuing the family's legacy. The firm has also shifted its focus toward sustainable growth, such as developing the electric vehicle industry in Indonesia.