This story is part of Forbes’ coverage of Indonesia’s Richest 2025. See the full list here.
An investment portfolio stacked with winners returned media mogul Eddy Kusnadi Sariaatmadja to the ranks of Indonesia’s richest after a two-year gap with a net worth of $1.8 billion, shared with his family.
Shares of his Elang Mahkota Teknologi, better known as Emtek, nearly tripled in the past year with investors upbeat about the upcoming IPO of Super Bank Indonesia, in which Emtek holds a roughly one-third stake.
In the first nine months of 2025, Emtek posted a 58% year-on-year rise in revenue to 13.7 trillion rupiah ($824 million) while net profit jumped nearly fifteen-fold to 6.4 trillion rupiah. More than half of those earnings—3.4 trillion rupiah—was from halving Emtek’s 2% stake in ride-hailing and food-delivery giant Grab Holdings, which it had acquired in 2023 following the conversion of shares it owned in the app’s Indonesian subsidiary.
“Emtek’s performance has surged on the back of bold bets, strong capital and a willingness to seize opportunities—a strategy that has propelled the company’s growth,” says Teguh Hidayat, director of Indonesian investment firm Avere Investama.
Sariaatmadja’s other lucrative bets include investing in e-commerce company Bukalapak in 2015, which got listed six years later in a $1.5 billion IPO. In February, he doubled down on Bukalapak, increasing Emtek’s stake to just over 50% from 40%. Continuing its acquisitive streak, Emtek snatched a 51% stake in aviation services firm Cahaya Aero Services for 873 billion rupiah last year. Founded in 1983 as a computer distributor, the TV broadcaster and digital media outfit has also expanded into hospitals and digital payments.
