Stocks up 10,000%, the man on the list of the richest billionaires in the world
Otto Toto Sugiri became billionaire after selling the company to Indonesia’s largest telecom operator. Then he discovered it was a once-in-a-lifetime opportunity.
In 2011, internet usage across Indonesia was exploding. To ensure data security, the government is planning to enact a law requiring online information to be stored in Indonesia instead of abroad. That means the demand for data centers in the country is huge.
Therefore, Sugiri and 6 partners established PT DCI Indonesia and became Indonesia’s leading enterprise in this field with more than 200 customers. Since listing last year, shares of DCI have risen 10,000%. Now, the 68-year-old Sugiri is more than just a millionaire. He is one of the richest people in the world with an estimated fortune of $2.5 billion, according to the Bloomberg Billionaires Index.
Sharing in an interview at the beginning of March, he said: “I still like to eat Gado Gado (traditional Indonesian food often found at roadside stalls). Becoming richer doesn’t change children either. my body.”
Sugiri holds a 30% stake in DCI, while co-founders Han Arming Hanafia and Marina Budiman hold shares worth $1 billion and $1.6 billion respectively. Indonesian tycoon Anthoni Salim – who owns a business empire from telecommunications to real estate, is DCI’s 4th largest shareholder with 11% of the shares.
Sugiri – man with gray hair and likes to wear black, started his career as an IT programmer in Germany, after graduating from an elite university in Aachen (a city near the border Belgium and the Netherlands). He returned to Indonesia in the 1980s and worked as a programmer in several domestic companies, then joined his family’s lending bank, PT Bank Bali. Here, he established the IT department of this bank.
After 6 years working at the bank, Sugiri moved to PT Sigma Cipta Caraka – a software company acquired by PT Telkom Indonesia in 2007. In 1994, he founded PT Indointernet. This is Indonesia’s first internet service provider, he still owns 17% of the shares. During her career, Sugiri has founded more than 20 companies.
DCI has benefited greatly from the digital transformation in Indonesia. According to a report by Google, Temasek Holdings Pte and Bain & Co., the country has 270 million people, mostly young and internet-savvy, along with an online economy worth 70 billion. USD last year. In which, DCI holds 62% market share, with profit increasing by 43% in 2021 and revenue increasing to 871.2 billion rupiah ($60.7 million).
However, the company’s success – achieved after the world’s best IPO in 2021 – is also controversial. The high trading volume and low number of shares caused trading to be halted and the company facing an investigation for stock manipulation. However, Sugiri and his co-founders said they would not sell shares, switching to holding non-tradable shares last August.
“We don’t want people to think we’re intentionally influencing the market. That’s part of our commitment as founders,” says Sugiri.
Sugiri also said that he is willing to sell more shares even though he is not currently in the data center. He has invested in technology companies including e-commerce company PT Tokoplas E-Commerce Indonesia, service provider PT Fortress Data Services and cryptocurrency company PT Indodax Nasional Indonesia. Last year, he and DCI’s co-founders sold off a 47 percent stake in Indointernet at a price 42 percent higher than the IPO price.
The billionaire said: “I have no ambition to hold companies for life. Philosophically, a business is just a means for people to create something useful and for the benefit of people.”
According to Bloomberg
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