The Sulistyo family draws their wealth from the sale of their Indonesia-listed packaging paper producer Fajar Surya Wisesa, also known as Fajar Paper, to Thai Siam Cement.
Fajar Paper was founded in 1987 by the late Winarko Sulistyo and went public in 1994. Winarko died in 2022 at age 76.
In 2018, Thai Siam Cement bought a 55% stake in the company for $665 million and acquired the remaining shares in August 2024 for $650 million.
The company produces industrial paper such as coated duplex boxboard and corrugated cardboard.
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