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Now the family’s biggest asset, Dian Swastatika, has lately been expanding its renewables and telecoms portfolio.Significant profit growth for non-coal businesses in 2023 helped drive investor enthusiasm, says Hendra Wardana, founder of Indonesian research firm Stocknow.id.

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It’s also partnering with Korean tycoon Kim Nam-goo’s Korea Investment Real Asset Management to build a $300 million data center in Jakarta.Separately, Sinar Masconcluded plansto merge its telecoms unit Smartfren with XL Axiata, the third-largest telecoms company in Indonesia by subscribers, in a deal valued at $6.5 billion.

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