In accordance with Government Regulation No. 10 of 2004 concerning The Establishment of Asset Management Company dated 27 February 2004, the purpose of the establishment is to conduct the management of free and clear state assets which is derived from Indonesian Banking Restructuring Agency (“IBRA”) for and on behalf of the Minister of Finance. Term of existence of the company according to the Articles of association No. 7 dated 27 February 2004 is five years and can be extended with the agreement of Shareholders.
On 4 September 2008, the Government issued Government Regulation No. 61 concerning the Changes upon Government Regulation No. 10 of 2004 concerning the establishment of Limited Liability Company in Asset Management.
Based on the above-mentioned Resolution, the new intentions and purposes of PT PPA becomes as follow:
• management of ex-IBRA assets;
• restructuring and/or revitalization of State Owned Enterprises;
• investment activities;
• management of SOE’s assets.