Mayapada

Mayapada is an Indonesian business group founded by Dato Sri Tahir in the 1980s and formally associated with the establishment of the Mayapada Group in 1986. Its original activity was garment and textile manufacturing, developed through PT Mayatexdian Industry and related companies. The textile operation became a significant exporter to the United States, the European Union, and Japan, but Tahir later transferred the business to another businessman as he concentrated on financial services and other sectors. The group’s most prominent early diversification was banking. Following Indonesia’s late-1980s banking liberalization, Tahir established Bank Mayapada in 1990. The bank subsequently listed on the Jakarta Stock Exchange in 1997, during the period of the Asian financial crisis. According to the referenced account, Bank Mayapada was among the relatively small number of Indonesian banks that remained unaffected by the crisis and continued expanding afterward. Its network later grew to more than 100 branches across Indonesia. In 2007, InfoBank magazine recognized it as the second-best publicly listed Indonesian bank outside the state-owned banking sector. Mayapada’s property portfolio includes office buildings in Jakarta’s central business district, including Mayapada Tower, Menara Topas, Permata Tower 1, and Sona Topas Tower. In Bali, the group has been associated with Mall Bali Galleria and the Regent Bali Hotel and Residence in Sanur. Other property and hospitality interests listed in the reference material include Fairmont Sanur Beach Bali, Mayapada Office Tower, Mayapada Banua Center, The Grand Banua, and Sky Pavilion. Retail and tourism activities include a partnership with Duty Free Shoppers, the LVMH-owned duty-free retail operator, with stores in Jakarta and Bali. The group has also been connected with Sona Topas Tourism Industry and PT Inti Dufree Promosindo, the entity associated with DFS operations in Indonesia. Healthcare is another major area, centered on Mayapada Hospital, the listed healthcare company PT Sejahteraraya Anugrahjaya Tbk, Mayapada Clinic, and biomedical laboratory activities. The group has also held or operated media and communications businesses, including Loka TV, Guo Ji Ri Bao, Forbes Indonesia, and Elle Indonesia-related operations. Some media holdings were later sold or reduced, including interests in MYTV and RTV. Insurance and financial-services interests have included Sompo Insurance Indonesia and Zurich Topas Life, while the group’s listed and affiliated property companies include PT Mayapada Properti Indonesia Tbk and PT Precise Pacific Realty. Mayapada is closely associated with Tahir’s philanthropic work through the Tahir Foundation. His charitable activities have supported healthcare, education, legal reform, and social welfare in Indonesia. In 2011, Tahir donated to the University of California, Berkeley, to support international student fellowships in the full-time MBA program. The Mayapada identity therefore represents both a diversified Indonesian corporate group and a wider family-business and philanthropic platform. Its current business profile is best understood through its operating companies rather than through a single consumer product line.

Mayapada’s origins are associated with Dato Sri Tahir’s business activities in Indonesia during the 1980s. Before building the group, Tahir attempted to operate as a distributor of Suzuki automobiles in Indonesia, but that venture was unsuccessful. He then moved into textiles with financial support from his father-in-law, Mochtar Riady, the founder of Lippo Group. Tahir established PT Mayatexdian Industry, which became the core of a substantial garment and textile operation. Mayatexdian expanded its export business to the United States, the European Union, and Japan. For operational efficiency, Tahir combined the textile company with three other textile businesses under his ownership, all based in Jakarta. The garment and textile business later ceased to be part of Mayapada’s principal activities; in the 1990s, Tahir transferred control of the textile operation to businessman Robby Tjahjadi while pursuing financial services and other investments. The group’s decisive diversification occurred after Indonesia issued an October 1988 banking decree that liberalized the banking sector. In 1990, Tahir founded Bank Mayapada. The bank became publicly listed on the Jakarta Stock Exchange in 1997, the same year that Indonesia was severely affected by the Asian financial crisis. The referenced history describes Bank Mayapada as one of the few banks that remained unaffected by the crisis and subsequently continued to grow. By the later period described in the source, it operated more than 100 branches throughout Indonesia. InfoBank magazine ranked it the second-best publicly listed bank outside the state-owned sector in 2007. Mayapada then developed a portfolio of businesses across several sectors. In retail and tourism, it partnered with Duty Free Shoppers, the LVMH-owned operator, establishing outlets in Jakarta and Bali. In real estate, the group became associated with several office towers in Jakarta’s central business district, including Mayapada Tower, Menara Topas, Permata Tower 1, and Sona Topas Tower. Its Bali activities included the development of Mall Bali Galleria and the Regent Bali Hotel and Residence in Sanur. The broader property portfolio listed in the source material includes Mayapada Tower 1 and 2, Mayapada Banua Center, The Grand Banua, Sky Pavilion, Mayapada Office Tower, and Fairmont Sanur Beach Bali. Healthcare became another central business line through Mayapada Hospital, Mayapada Clinic, and biomedical laboratory activities. The group is also associated with PT Sejahteraraya Anugrahjaya Tbk, the listed company behind Rumah Sakit Mayapada. Financial and risk-related activities include Bank Mayapada, Sompo Insurance Indonesia, and Zurich Topas Life. Media interests have included television, newspapers, magazines, and other communications companies, among them Loka TV, Guo Ji Ri Bao, Forbes Indonesia, and Elle Indonesia-related operations. The group has also exited or reduced certain media positions, including the sale of a majority interest in MYTV and the sale of a minority interest in RTV. Mayapada’s corporate identity extends beyond its operating companies through the Tahir Foundation. Tahir has directed philanthropic support toward medical care, education, legal reform, and social-welfare initiatives. His institutional relationship with the University of California, Berkeley included service as a trustee and a 2011 contribution for international MBA fellowships. The group’s development therefore reflects the pattern of an Indonesian family-controlled conglomerate: an industrial beginning, rapid diversification into banking, and subsequent expansion into property, retail, hospitality, healthcare, media, insurance, and philanthropy.

• 2011

  Berkeley fellowship donation

  [1]Mayapadaen.wikipedia.org

  Tahir donated to Berkeley-Haas to support fellowships for international MBA students.

• 2007

  Bank receives InfoBank recognition

  [1]Mayapadaen.wikipedia.org

  InfoBank magazine named Bank Mayapada the second-best publicly listed Indonesian bank outside the state-owned sector.

• 1997

  Bank Mayapada listed

  [1]Mayapadaen.wikipedia.org

  Bank Mayapada completed an initial public offering on the Jakarta Stock Exchange.

• 1990

  Bank Mayapada established

  [1]Mayapadaen.wikipedia.org

  Tahir entered banking by establishing Bank Mayapada after Indonesia liberalized its banking sector.

• 1987

  Mayatexdian develops export textile operations

  [1]Mayapadaen.wikipedia.org

  PT Mayatexdian Industry became a major textile operation with exports to the United States, the European Union, and Japan.

• 1986

  Mayapada Group founded

  [1]Mayapadaen.wikipedia.org

  Dato Sri Tahir founded the Mayapada Group, initially building on garment and textile activities.

A diversified Indonesian conglomerate built around financial services and expanded into property, healthcare, tourism, media, insurance, and specialty retail.

• Banking · 1990

  Bank Mayapada

  Mayapada’s principal banking business, established in 1990 after Indonesia’s banking liberalization. The bank became publicly listed in 1997 and expanded its branch presence across Indonesia after the Asian financial crisis.

• Healthcare

  Mayapada Hospital

  A healthcare platform associated with the group’s hospital and clinic operations. Mayapada’s healthcare interests include hospitals, outpatient clinics, and biomedical laboratory activities.

• Property

  Mayapada Property

  The group’s real-estate activities include office towers in Jakarta and commercial, residential, and hospitality developments in Bali and other Indonesian locations.

• Duty-free retail

  Duty Free Shoppers Indonesia

  Mayapada’s duty-free retail interests were developed through a partnership with Duty Free Shoppers, the LVMH-owned operator, with stores referenced in Jakarta and Bali.

• Textiles · 1986

  Mayapada textile operations

  The group’s original industrial platform consisted of garment and textile manufacturing through Mayatexdian and related companies. The business exported internationally but was later transferred out of the group’s principal operations.

• 1997

  Bank Mayapada public offeringOther

  Background

  The bank pursued a public listing during a period that also saw the onset of the Asian financial crisis.

  Action taken

  Bank Mayapada conducted an initial public offering on the Jakarta Stock Exchange.

  Aftermath

  The bank is described as having survived the crisis and expanded afterward.

  Source

• 1990

  Diversification into bankingStrategy

  Background

  Indonesia’s October 1988 banking liberalization created an opportunity for private conglomerates to establish banks.

  Action taken

  Mayapada established Bank Mayapada as a new financial-services business.

  Aftermath

  Bank Mayapada later became publicly listed and expanded its Indonesian branch network.

  Source

• 1990

  Exit from textile concentrationStrategy

  Background

  After building a substantial export-oriented textile business, Tahir shifted his attention toward banking and broader diversification.

  Action taken

  In the 1990s, the textile business was handed to businessman Robby Tjahjadi.

  Aftermath

  Textiles ceased to be Mayapada’s principal business as the group expanded into finance, property, healthcare, and other sectors.

  Source

• 2011

  Tahir supports international MBA fellowships at Berkeley[1]Mayapadaen.wikipedia.org

  Other

  Dato Sri Tahir made a donation to the University of California, Berkeley, for fellowships supporting international students in its full-time MBA program.

• 1997

  Bank Mayapada completes public offering[1]Mayapadaen.wikipedia.org

  Other

  Bank Mayapada became publicly traded on the Jakarta Stock Exchange during the year of the Asian financial crisis.

• 1990

  Mayapada Group enters banking through Bank Mayapada[1]Mayapadaen.wikipedia.org

  Other

  Following Indonesia’s banking-sector liberalization, the group established Bank Mayapada as a major financial-services platform.

• Bank Mayapada expands after the Asian financial crisis[1]Mayapadaen.wikipedia.org

  Other

  The bank is described as having remained resilient during the crisis and later expanding its Indonesian branch network to more than 100 locations.

1. 1Mayapadaen.wikipedia.org