The founder of Sri Rejeki Isman Textile Group and one of the richest men in Indonesia, H.M. Lukminto, died on Wednesday night, according to family sources in Singapore. He was 67 years old

Sritex Founder Dies of a Heart Attack

By Ari Susanto on 8:58 am February 7, 2014.

Solo. The founder of Sri Rejeki Isman Textile Group and one of the richest men in Indonesia, H.M. Lukminto, died on Wednesday night, according to family sources in Singapore. He was 67 years old.

Lukminto had been receiving medical treatment in Mount Elizabeth Hospital, Singapore, since Jan. 31.

According to Sumartono Hadinoto, a Surakarta People’s Association (PMS) spokesman, “Lukminto had planned to go to Singapore for a check-up without any signs of a serious health issue, but his condition drastically declined. I was shocked to hear he passed away last night.”

Lukminto’s son, Iwan Lukminto, said his father had suffered a heart attack. The Solo businessman leaves behind a wife, three daughters and two sons. His body was transported to Solo on Thursday.

The beloved textile king will be laid to rest next week at the Delingan cemetery in Karanganyar, Central Java.

President Susilo Bambang Yudhoyono will visit Solo to pay his last respects.

In addition to his successful business in textiles, Lukminto was also known for his philanthropy, having made multiple contributions to Solo’s social development. He helped in the construction of a sports arena, founded a basketball team, and was responsible for the renovation of the Wayang Orang theater.

“He was exemplary man in business and society,” Sumartono said.

As founder of the largest integrated textile company in Southeast Asia, Lukminto was one of the richest businessmen in Indonesia. The Sri Rejeki Isman Textil (Sritex) Group is most famous for producing military uniforms exported to more than 70 countries. The textile giant currently employs more than 40,000 workers, making it one of the largest employers in Indonesia’s private sector.


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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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