You are Indonesia’s newest ASEAN class company, correct?

PP has restructured itself to become one of the largest ASEAN companies, as our previous business structure was organized according to regional areas. We appointed new directors a few weeks ago and reorganized at the beginning of January. Previously we divided the company per area in Indonesia, but because the area of Indonesia that PP covers is so big, it stretches from Irian Yaya Island (West Papua) to North of Sumatra Island. To fly this distance we would need 8 hours to cover the area from Irian Yaya to north Sumatra island – same like half the way to Europe in direct flight.

The property division is already a public company and has a market cap of $200 billion. The next to go public will be Energy, in April 2017, and the market cap is expected to reach US200 million. The equipment division is specialized in machinery for foundation construction, asphalt and equipment rentals. That’s how we have integrated the business of PP from top to bottom.

Are there any projects you are particularly proud of?

We are proud of a number of our buildings, have you stayed in Kempinski Hotel? We built the original building.

I think I saw that when I was here in 2004.

You saw it? About 60% of the high rise buildings along Sudirman and Thamrin street are built by us. We are currently building a Cable bridge with a 650 meter span, and currently under construction we have the biggest port in Indonesia and with a project value of $1.1billion. It’s about 60% done. 65% of all ports in Indonesia are built by us. Within our portfolio of power plants, we have already built 2200 megawatts and then our pipeline at the current moment for power plants is 4500MW.

And how do you see business evolving looking towards the future?

Becoming an ASEAN class company is relevant. Compared to the region, our biggest competitor is Gamuda Berhad from Malaysia. In 2018 PP is set to be the region’s largest, based upon earnings after tax. In terms of equity, based on Gamuda’s growth average of 8.4% in recent, PP is on track to be the largest in South East Asia by 2018. Based upon this calculation, the difference is currently only $14 Million. So by the end of 2017 we have a good chance to overtake them.

So you’re driving your own growth?

PT Infrastructure is going to be a public company by the first quarter of 2018. When PP equity is worth $3,17 Billion, that is the moment PP becomes the largest company in the region. We are all very happy about growth figures: over the last four years PP has as a public company grown 1100%, and the property division has already grown 457% over the last 2 years.

As the strongest company in ASEAN, do you want to get projects from other countries in ASEAN or do you want to remain a strong local player?

“50% of economic growth in the region is driven by Indonesia. According to the president’s plan, by 2050 Indonesia is going to be the fourth biggest economy in the world.”

Other players can come here, but we will have more expertise, more skilled labor and greater competitive advantage. Joint ventures with foreign companies are appealing: for low cost housing we would be looking at Asian companies, because Europe doesn’t have the experience in building at these sizes. For power plant companies, Norwegian players, or General Electric. Siemens is already partnering with us.

How would you today describe your management style and benchmark models? 

My view is that everyone should learn from everybody. A sort of shortcut is learning from others, who have already reached your target. That has throughout my career been how I advance myself, reading about the experiences of others, in economy, engineering, in politics. You cannot learn only by yourself.

How do you see your competitors in the local market? Judging from that WIKA would be your competitor, but didn’t they also receive a capital injection from the Government?

I do not compare myself to the local market anymore, because I want to be the biggest in Asia: I cannot challenge my team anymore with local players. As an example the country’s need for power plants: Currently the country needs 35.000MW within five years. This is the time to grow, if we cannot grasp this opportunity, it’s lost.

My President has a serious program for infrastructure, and ensures his goals are met. The Bogor toll road for example was just recently still under construction, now it’s completed. With the MetroCapsule project we needed certain permits to progress, the President told us to go directly to the Governor and the mayor and it done immediately. He wants to cut through bureaucracy, and is managing to do that.