Indonesian Billionaire Chairul Tanjung Plans IPO For CT Corp. In Five Years

Chairul Tanjung say he is planning an initial public offering for his holding company CT Corp. within the next five to seven years, following a 100 billion yen ($916 million) investment from Japanese trading house Mitsui & Co in late April. Tanjung has also asked Mitsui to help with the preparation for its IPO and with the group’s modernization.

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“In order for CT to be IPO-ready, it needs to have a certain level of organizational structure in place, and we can help with that,” Koji Nagatomi, chief operating officer of Mitsui’s Asia-Pacific business unit, said to the Nikkei Asia.

In a statement, Mitsui said it would subscribe to convertible bonds issued by CT Corp. and help it become a multinational corporation by providing it with expertise. Mitsui says it wants to build a consumer ecosystem to capture the high growth potential of the Asian market.

CT Corp is a holding company for Tanjung’s financial holding Mega Corp as well as media and retail holding Trans Corp. Tanjung’s interests also include plantations, infrastructure, and the currently ailing flag carrier airline company Garuda Indonesia.

Tanjung had commented previously about plans for a possible listing. Back in 2011, when CT Corp.’s Ebitda was around $300 million, he said it should go public when that figure reaches $1 billion. CT Corp. sales in 2019 were 46.4 trillion rupiah ($3.2 billion) and total assets were valued at 181.4 trillion rupiah. Tanjung’s net worth is currently estimated at $4.1 billion, according to the Forbes Real-Time Billionaires List.