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Business

Indonesian tycoon back with $1bn rights issue

Barito Pacific's Pangestu to consolidate geothermal assets under holding company

Chandra Asri Petrochemical's petrochemical complex in Cilegon, Banten, Indonesia.(Photo by Shinya Sawai)

JAKARTA -- Indonesian billionaire Prajogo Pangestu, once known as "timber king" before shifting his focus to petrochemicals, is aiming to raise up to $1 billion through a rights issue to consolidate his geothermal energy business under a holding company.

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