This story appears in the December 2024 issue of Forbes Asia. Subscribe to Forbes Asia
Garibaldi Tohir.
Mohammad Fadli/Bloomberg
This article is part of Forbes’ 2024 report on Indonesia’s richest people. here.
Garibaldi “Boy” Thohir’s coal mining company, until recently known as Adaro Energy Indonesia, is doubling down on investments in renewable energy and aims to generate more than half of its revenue from non-coal operations by 2030. Name change. Alamtri is derived from the Sanskrit word Alam (natural) and three (3), representing the three elements of air, land and water.
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Its subsidiary Adaro Green is building a US$2.6 billion hydroelectric power plant in North Kalimantan province and developing what it says will be the world’s largest green industrial park, covering an area of 16,000 hectares.
The Jakarta-based company is preparing to list its thermal coal unit Adaro Andalan Indonesia in December, which is expected to raise 4.3 trillion rupees ($270 million) and give it an expected market capitalization of $2.7 billion.
Alamtri announced in November that it would pay a dividend of up to $2.6 billion by the end of the year, sending its shares higher. However, a recent ratings report from Fitch warned that Alamtri’s revenue will shrink significantly after the demerger.
Last year, revenue fell by a fifth to $6.5 billion, with thermal coal accounting for 83% of total revenue. The wealth Thohir shares with his family grew 15% to $3.8 billion.
