The story
H. Achmad Bakrie founded Bakrie & Brothers (then known as N.V. Bakrie & Brothers) in 1942 in Telukbetung, South Sumatera. Bakrie & Brothers was established as a general trading and distribution company.
In the 1950s, the Bakrie Group’s business activities expanded to include general trading, construction services, agribusiness, coal mining, oil and gas, and telecommunications, while continuing to develop manufacturing operations such as making steel pipes, building materials, and automotive components.
In 1986, Bakrie & Brothers acquired a 75% stake in the local rubber plantation company PT Uniroyal Sumatera Plantations (UNSP), which was later renamed PT Bakrie Sumatera Plantations. In 1989, Bakrie & Brothers was listed on the Jakarta Stock Exchange (now the Indonesia Stock Exchange), under the stock trading symbol BNBR.
Bakrie Group diversified into the media and telecommunications business in the 1990s. A local TV station, PT. Cakrawala Andalas Televisi (ANTV), was founded in 1992, and started to broadcast nationally in 1993. Also in 1993, Bakrie Group obtained the license to operate fixed wireless telecommunication and entered the telecommunications sector with PT. Bakrie Telecom.
In 2001, Bakrie Group entered the gas and oil sector with the founding of PT. Energi Mega Persada (ENRG), a company focused on developing and exploring for oil and gas in Indonesia. Bakrie Group also acquired 80% of the coal mining company PT Arutmin Indonesia (Arutmin) from BHP Billiton, PT Kaltim Prima Coal from British Petroleum (BP), and Rio Tinto, in 2003.
In 2007, Forbes Asia estimated the Bakrie family were worth US$5.4 billion, however, after the 2008 financial crisis, this dropped to $850 million.
In 2014, Bakrie Group, through Bakrie Global Ventura, made a US$25 million investment in a California-based private social network, Path, which is enabled with photo sharing and messaging service for mobile devices.
Bakrie Group has a limited partnership with Convergence Ventures.
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In 2019, Bakrie Group made an undisclosed investment in BumiLangit Studios, an Indonesian character-based entertainment company in Indonesia. The investment was made by VIVA group, who are currently focusing on developing Indonesia's own superhero cinematic universe through the library and intellectual property rights of BumiLangit Studios. The first movie in line, Gundala, released in August 2019, was a theater hit grossing 48.3 billion Rupiah (US$3 million).
In 2020, due to the COVID-19 pandemic, Bakrie & Brothers of Bakrie Group furloughed 153 of its staff for at least 3 months. Additionally, the company also introduced salary reduction plans affecting 800 employees in their attempt to reduce financial burdens due to limited business activity.
From Wikipedia’s article on Bakrie Group, shared under CC BY-SA 4.0.4