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Maspion group.


The Maspion Group was founded by Alim Husin in Surabaya, East Java. Its embryo was CV Hen Chiang, which was established in 1954 to operate in metal processing producing oil lamps.

In 1961, Alim Markus established PT. Logam Dajwa to produce aluminum, metal table wares, kitchen wares and utensils with a capacity of 6,000 tons s per year. In 1991, the company began to export part of its production. That year, exports were valued at US$ 15 million to other Asian countries and Europe.

In 1971, PT. Maspion was established later to become the holding company for the Maspion Group.

The operations of the Maspion Group are handled by five children of Alim Husein including Alim Markus, Alim Mulia Sastra, Alim Puspita, Alim Satria, and Alim Prakasa. The five childrens hold the position of director controlling 90% of the shares of the Maspion Group, with 10% held by Gunardi Go family.

In 2003, Alim Husein died and the top position as president director went to his oldest son Alim Markus. The Maspion Group has grown to become a giant with assets valued at hundreds of millions of US dollar employing 30,000 workers.

The Maspion Group has 8 core businesses including in consumer, commercial, construction, property, banking, distribution and trade, energy and other sectors.

Operating in the sector of consumer product include PT. Maspion, PT. Maspion Electronics, PT. Maspion Kencana, PT. Maxim Maspion, PT. Ishizuka Maspion Indonesia, PT. Alaskair Maspion, PT. Srithai Maspion Indonesia.

Operating in consumer industrial product is PT. Alumindo Light Metal Industry Tbk. In building construction material are PT, Indal Aluminum Industry Tbk, PT. Indalex, PT. Indal Service Sentra, PT. Furukawa Indal Aluminum, PT. Wellburger Coating Indonesia, PT. Ceshew Crebe Indonesia.

In property & Industrial estate sector are PT. Bumi Maspion, PT. Alumindo Industrial Estate, PT. Citra Maspion Contractor, Maspion Square and Maspion Plaza.

In financial service is Bank Maspion. In trading sector are PT. Maspion Trading, PT. Maspion Bazar, and PT. Maxim Hoasewares Indonesia.

Operating non core business are a number of subsidiaries including PT. Trisulapak Indah producing carton sheets and carton boxes mainly to be used by the company group.

There are still a number of subsidiaries including PT. Indal Steel Pipe, PT. Anekakabel Ciptaguna, PT. Shanghai Maspion Oleo Chemicals Industry, PT. Shanghai Maspion Toothpaste Industry, PT, Soam Maspion Terminal, PT. Heisei Stainless Steel Indonesia, PT. Piaget Jatim Pratama, and PT. Dovechem Maspion Terminal.

Among its big subsidiaries are PT. Maspion producing household appliances and health care equipment, Maspion Square operating in retail property business, Maspion Bazaar in retail business and Bank Maspion in banking industry.

Household appliance and electric goods industries are the locomotive

PT. Maspion, which operates in metal kitchen wares, plastic house wares, and electrical appliances industry. The company, which has the status of PMDN, has five factories in Surabaya and Gresik, East Java. It exports 30% of its production to various countries including Singapore, Malaysia, Hong Kong, China, Taiwan, Middle East, USA, etc. Its products with the brand of Maspion have been popular in the country.

In a bid to strengthen its plastic industry, the Maspion Group has established a joint venture company with Sam TPC of Singapore named PT. Sam Maspion. The joint venture company, established with an investment of US$60 million, operates in PVC resin industry having a capacity of 100,000 tons per year.

Early 2008, PT Maspion plans to launch initial public offering (IPO) offering 40% of its shares. It hoped to raise US$85 million -US$100 million. PT. Maspion had named PT Mandiri Sekuritas and BNP Paribas as the underwriters.

The fund to be raised from the IPO was to be used to finance business expansion, repay debt and strengthen capital. The company planned to build new factory.

In 2006, North America accounted for 68% of the exports of the Maspion Group, Japan accounted for 11%, Europe for 8%, Asean 5%, other Asian countries 3%, South America 2%, Australia 2%, Middle East 1%.

In 2007, North America was still its largest export market for the company group, accounting for 56% of its exports, followed by Asean accounting for 9%, Europe 11%, Japan 14%, other Asian countries 6%, Australia 2%, South America 1% and Middle East 1%.

PT Maspion has six subsidiaries including PT Maxim Maspion (99.99%), PT Maspion Electronics (99.26%), PT Maspion Kencana (99.99%), PT Srithai Maspion Indonesia, PT Ishizuka Maspion Indonesia and PT Alaskair Maspion.

In electronic industry, Maspion through PT. Maspion Electronics, which is joint venture Company with Samsung of Korea, produces refrigerators with a capacity of 50,000 units per year using the brand of Uchida. Uchida refrigerators have been exported to various countries including Middle East and Africa. In cooperation with Marubeni and Hanwakosai of Japan, the group produces PVC pipes and fittings industry and with Pan Asia Electronica of Taiwan it cooperates in the promotion and marketing of electronics goods. The company group has established business units abroad like Maspion Trading in Egypt, Alim Brothers in Singapore and Fung Lam Trading in Hong Kong.

PT. Maxim Maspion has facility to produce cooking utensils and Maspion Electronics produces refrigerators and ice racks and Maspion Kencana produces PVC plastic pipes.

PT. Srithai Maspion Indonesia produce crockery from melamine, Ishizuka Maspion produce crockery and Alaskair Maspion produces blenders and fans.

Among the popular brands of the Maspion Group are Aubecq, Allibert, Excelon, Jawa, Makita, Marunaga, Maslon, Maspion, Maxim-Inox, Maxim, Tivoli and Vanda.

By the end of r 2008, the Maspion Group in Surabaya laid off 500 workers as a result of falling exports. Around 3,000 more of its 20,000 workers could lost job if the condition gets worse in 2009, the company said.

The exports of the Maspion Group to the United States dropped 25% as a result of the crisis. Sales on the domestic market also shrank 15%.

The Maspion Group faces competition mainly from Chinese rivals which could offer lower prices. Chinese producers have expanded market to Middle East one of Maspion's traditional markets. Maspion's exports to Middle East were valued at US$7 million in the first half of 2008.

The Maspion Group has 58 subsidiaries producing more than 8,000 types of goods for exports. The group is seeking to expand market to Latin America especially Brazil and Venezuela. The United States, however, remains its largest market accounting for 32% of its total exports.

Commercial Industry

PT Alumindo Light Metal Industry (ALMI), which was established in 1978, operates in aluminum sheet and aluminum foil industry. ALMI went public in 1996, after finishing modernizing its production facility. Currently, its has a capacity to produce 84,000 tons of aluminum sheets and 15.600 tons of aluminum foils per year. It has been established with an investment of Rp 130 billion.

ALMI cooperates with Hoogovens Technical Services Techno-logical and Operational Assistance BV of Netherlands. Under the cooperation agreement Hoogovens becomes the marketing agent for the products of ALMI in Europe. In 1998, PT ALMI was granted the certificate of ISO 9002 from Llod's Register.

PT Indal Aluminum Industry operates in aluminum sheet and extrusion industry starting 1971. This company has a production capacity of 4,000 tons of aluminum sheets and extrusions per year. This company has been listed selling 30% of its shares to the public in 1994.

The Maspion Group has acquired an aluminum company in Malaysia, the second largest aluminum company in Asia. The acquisition has strengthened its position in facing competition in international market especially from Chinese rivals.

PT Indonesia Stainless Steel was established in 1986 to operate in stainless steel and coil industry, with a production capacity of 25,000 tons stainless steel and coil per year.

PT. Maspion Light Metal has a 70% stake in PT. Maspion Stainless Steel, a joint venture with three Japanese partners including Kanematsu Corp. Holding a 15% stake, Sumitomo Metals 10% and Nippon Yakin 5%. PT. Maspion Stainless Steel has a factory starting operation in 1997 in Gresik, East Java with a production capacity of 50,000 tons stainless steel per year. It was established with an investment of US$ 60 million. Around 90% of its production is used by the Maspion Group and the rest for exports.

PT. Siam Maspion Polymer, which is a joint venture between MG and Siam Cement Group of Thailand, operates in PVC resin industry with a capacity of 120,000 tons s per year. The factory was built at a cost of US$ 60 million. The joint venture company sells its products to the company group.

Maspion also plans to resume business in energy saving lamp industry in cooperation with Taiwanese investor. The lamp factory is to be operated by PT IFC Maspion. The factory will have a production capacity of 600 tons of neon lamps per month.

Around 60% of its production is exported and the rest is disposed of on the domestic market.

Property and industrial estate

The Maspion Group has a subsidiary in the property sector PT Bumi Maspion (BM). BM has a land plot of 140 hectares in Romokalisari, Surabaya, East Java occupied by 180 units of warehouse and a number of factories.

The group also owns the Maspion Square, a shopping center with a convention center called Maspion Convention Center.

The Maspion Group plans to develop the Tunjungan Market in Surabaya into a modern business area with hotel and entertaining center built at a an estimated cost of Rp 150 billion. The project will be built in cooperation with the city administration of Surabaya.

The Maspion Group has built a loading unloading pier for solid bulk cargoes in the Maspion Industrial Estates in Gresik, to support a jetty facility which serves loading and unloading of liquid cargoes (gas and chemicals). The jetty is operated by PT Siam Maspion Terminal.

PT. Siam Maspion Terminal, which is a joint venture between MG, PT. Pelabuhan Indonesia III and Cement Thai Chemical Ltd. of Thailand, has a 3.6 km pier built at a cost of Rp 15 billion to support Maspion Industrial Estate. The pier has a storage tank for chemicals.

The Group has a number of subsidiaries operating in the property sector. PT. Altap Prima Industrial operates an industrial estate occupying a 620 hectare plot of land in Benowo, Surabaya. The group plans to move all of its business activities to a 100 hectare industrial estate in Rungkut, Surabaya. It also has an industrial estate occupying a 600 hectare plot of land in Tandes, Surabaya. Its property business is handled by PT Alumindo Industrial Estate, which has built a luxury housing complex having recreation facilities and swimming pool in Sidoarjo, East Java, built with an investment of US$ 30 million.

Energy Industry

The Maspion Group in cooperation with PT Pertamina established PT Maspion Energy Mitratama (MEM) to operate in the energy sector.

MEM has built a piling up terminal for liquefied petroleum gas (LPG) with a capacity of 10,000 tons in Gresik to support the implementation of the kerosene-to-LPG conversion program. Construction of the terminal at a cost of US$26.7 million was completed in may, 2009. The terminal will supply LPG to a number of LPG filling station in east Java.

The LPG terminal is located in the Maspion Industrial Estates (KIM) in the northern coastal area of the regency of Gresik. The industrial estate has jetty facility to accommodate LPG vessels. The terminal has four units of piling up tanks with a capacity of 2,500 tons per unit.

Pertamina has the same facility with a capacity of 8,000 tons in Tanjung Perak, Surabaya, but the capacity of the terminal is not enough to meet the requirement.

Banking business of MG is under PT. Bank Maspion, which has 20 offices with 60 ATMs in Surabaya, Semarang, Denpasar and Jakarta. Its assets were valued at Rp 687.584 million March 2000 up to Rp 639.396 million in December 1999.

The Maspion Group plans to expand operation to plantation sector especially in oil palm plantation and build a bio-diesel plant. Financial performance

The Maspion Group recorded good financial performance amid the global financial crisis. It recorded good sales through its major subsidiaries such as PT. ALMI, PT. Indal Aluminum Industry and PT. Maspion. PT. Indal Aluminum Industry reported sales valued at Rp 642 billion in 2008 up 24.9% from Rp 514.1 billion in the previous year. Exports, mainly to the Middle East, contributed 60% to the total sales. Its net profit surged 201.5% from Rp 334.4 billion to Rp 1,007 billion. The Maspion Group did well in competition facing Chinese rivals.

Details of the Group

Parent company: MAS PIONEER, PT (MASPION, PT)

Address: Jl. Kembang Jepun No. 38-40 Surabaya 60162, East Java

Phone: (031) 330333, 331445, 341040

Fax: (031) 333218, 333055

Telex: 31127 MASPION IA

Number of companies: 50 Companies

Lines of business: Finance: Banking, Investment company

Industry : Aluminum sheet, Cable, Ceiling fan, Chemical product, Coating, Electric product extrusion, Foil, Flatware, Gas tube, Lamp, Herbicide, Kitchenware, Mattress, Metal tableware, Packaging, Polyester, Printing ink, PVC pipe, Resin, Stainless steel product, Steel bar & Steel pipe industry

Infrastructure: Industrial estate development, Jetty terminal development

Property: Department store/Mal development, Office building & Real estate development

Trading: International & National trading

Services: Contractor & Construction services

Chairman: Mr. Alim Markus

Other key persons: Mr. Alim Satria Mr. Alim Perkasa Mrs. Angkasa Rachmawati

List of the group members:

Notable members:

-ALUMINDO LIGHT METAL INDUSTRY TBK, PT (Aluminum sheet & foil industry)

-INDAL ALUMINUM INDUSTRY TBK, PT (Aluminum sheet & extrusion industry)

-INDONESIA STAINLESS STEEL, PT (Stainless steel industry)

-LOGAM DJAWA, PT (Aluminum, Kitchenware & Metal tableware)

-MAS PIONEER, PT (MASPION) (Holding company, manufacturer of household appliances industries Including plastic)

Other members: FINANCE:

-ALIM INVESTINDO, PT (Investment company)


-GUNA INVESTINDO, PT (Investment company)

-HUSIN INVESTAMA, PT (Investment company)



-ALASKAIR MASPION INDONESIA, PT (Ceiling fan industry)

-ANEKA KABEL CIPTA GUNA, PT (Cable industry)


-DHARMA CIPTA KARYA, PT (PVC goods manufacturing)


-HEISEI STAINLESS STEEL INDONESIA, PT (Stainless steel pipe industry)


-INDAL STEEL PIPE, PT (Steel pipe industry)

-FURUKAWA INDAL INDUSTRY, PT (building material industry)


-INSHIZUKA MASPION, PT (Technology product industry)

-MASPION ELECTRIC, PT (Household electric industry)

-MASPION FLATWARE, PT (Flatware industry)

-MASPION KENCANA, PT (PVC pipe industry)

-MASPION STAINLESS STEEL INDONESIA, PT (Cold rolled stainless steel manufacturing)

-MASPION STEELBAR & PVC, PT (Steel bar & PVC industry)

-NAOMOTO INDONSIA, PT (Electric product industry)


-ROYAL CHEMICAL, PT (Polyester industry)

-SAMSUNG MASPION INDONESIA, PT (Electronic & electrical industry)





-SIAM POLYMERS, PT (PVC Resin manufacturing)


-TFC MASPION INDONESIA, PT (Gas tube industry)

-TRISULA PACK INDAH, PT (Packaging industry)



-ALTAP PRIMA INDUSTRIAL ESTATE, PT (Industrial estate development)

-ALUMINDO INDUSTRIAL ESTATE, PT (Industrial estate development)


-MASPION INDUSTRIAL ESTATE, PT (Industrial estate development)

-SIAM MASPION TERMINAL, PT (Jetty terminal development)


-MASPION MAL (Department store/Mal development)

-BUMI MASPION, PT (Property)

-WISMA MASPION (Office building development)

-WISMA MONETER (Office building development)





-INDALEX, PT (Construction services)


Overseas companies which :


affiliated with group:

-(SINGAPORE) (International trading)


-K.K. MASPION (JAPAN) (International trading)


-TAIWAN CONCORDE (TAIWAN) (International trading) ***
Financial report of PT. Indal Aluminum Industry
(Rp billion)

Description 2008 2007

Current assets 419.4 288.6
Fixed assets 203.0 194.1
Total assets 622.4 482.7

Current liabilities 348.4 198.6
Non current liabilities 197.4 208.5
Total liabilities 545.8 407.1
Equity 76.6 75.6
Total liabilities and equity 622.4 482.7

Operating income 642.0 514,1
Net profit 1.0 0,334

Source: PT. Indal Aluminum Industry
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Title Annotation:COMPANY PROFILE
Publication:Indonesian Commercial Newsletter
Article Type:Company overview
Date:Sep 1, 2009
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