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Jakarta, December 29, 2023

Developments related to the Dissolution of 7 SOEs

Jakarta, December 29, 2023 – The Ministry of State-Owned Enterprises (BUMN) announced the latest update on the progress of the dissolution of 7 (seven) SOEs at the Press Conference Update on the Dissolution of 7 SOEs which took place in Jakarta, Friday (29/12). The Press Conference was attended by Deputy Minister of SOEs, Kartika Wirjoatmodjo, Director General of State Wealth, Ministry of Finance, Rionald Silaban, Secretary of the Ministry of SOEs Rabin Indrajad Hattari, Deputy of Law and Legislation of the Ministry of SOEs, Robertus Billitea, President Director of PT Perusahaan Pengelola Aset (PPA), M Teguh Wirahadikusumah, and Directors of PT Danareksa (Persero).

On the occasion, Deputy Minister of SOEs, Kartika said, the dissolution of 7 SOEs is one part of the overall transformation carried out by the Ministry of SOEs in the last four years. The Dissolution Decision is a firm step taken against 7 SOEs that are no longer able to carry out their roles in contributing to the national economy, especially in achieving profits and providing public benefits in accordance with SOE Law No. 19 of 2023.

“In the BUMN transformation process carried out by the Minister of SOEs, Mr. Erick Thohir and us from 2019 there are holdings, mergers, clustering, downsizing, and among them the handling of problematic SOEs. Currently, there are 45 SOEs under us and our final target is under 40 SOEs clustered into 12 clusters. So, this is the final target of transforming the form of SOE management where the number of SOEs decreased from the original 118 to below 40 SOEs. Especially for SOEs that experience financial problems in their business to enter the Danareksa and PPA clusters where small SOEs will be scaled up to be larger,” said Kartika.

Kartika explained, the Ministry of SOEs continues to strive to continue the commitment to clean up SOEs completely, such as the restructuring of Jiwasraya, the restructuring of Garuda, the merger of PTPN which has just been formed by Subholdings, namely Palm Co and Supporting Co and is now profitable, as well as the integration of two SOE airport managers, namely PT Angkasa Pura I (Persero) and PT Angkasa Pura II (Persero) into PT Angkasa Pura Indonesia or InJourney Airports.

“PPA has a unique function, namely managing SOEs that carry out restructuring, including for SOEs that are unable to contribute and cannot be maintained, the ending is dissolution. This SOE is not only a Persero, but also in the form of a Limited Liability Company (PT) where in its implementation it can go through a bankruptcy mechanism involving the curator profession, so that SOEs are no different from other PTs that their entry will enter the liquidation process through a curator, and in the process there is a good legal process where there will be asset sales and so on that are carried out fairly for shareholders, creditors, as well as employees who all get rights according to applicable regulations,” continued Kartika.

Seven (7) dissolved SOEs are PT Merpati Nusantara Airlines (Persero) (In Bankruptcy), PT Kertas Leces (Persero) (In Bankruptcy), PT Istaka Karya (Persero) (In Bankruptcy), PT Industri Sandang Nusantara (Persero) (“ISN”), PT Kertas Kraft Aceh (Persero) (“KKA”), PT Industri Gelas (Persero) (“IGLAS”), and PT Pengembangan Armada Niaga Nasional (Persero) (“PANN”). Furthermore, the process of dissolving these seven SOEs is carried out by curators appointed and supervised by the Court. The assets owned by dissolved SOEs have now become the authority of the Court which will divide the proceeds of the sale to pay obligations to creditors including taxes and employees.

For information, the seven dissolved SOEs are SOEs entrusted to PT Perusahaan Pengelola Aset (“PPA”) through a Special Power of Attorney of the Minister of SOEs. In April 2023, the Government has issued a Government Regulation on the Dissolution of Merpati Airlines (PP Number 8 of 2023), Leces Paper (PP Number 9 of 2023), Istaka Karya (PP Number 13 of 2023), ISN (PP Number 14 of 2023), KKA (PP Number 17 of 2023), and IGLAS (PP Number 18 of 2023). Meanwhile, PANN is in the process of issuing a Dissolution PP.

Of the seven dissolved SOEs, Merpati Airlines, Istaka Karya, and Kertas Leces are currently fully under the management of the Curator and in the process of selling assets through auction at the Lhokseumawe State Wealth and Auction Service Office (KPKNL) as well as other mechanisms regulated by laws and regulations. As for SOEs dissolved through the GMS Decision, namely IGLAS has been declared bankrupt by the Court and management including asset sales will be carried out by the Curator, while ISN and KKA are in the process of verifying assets and liabilities by the liquidator, and assets will be sold in accordance with applicable laws and regulations. On the other hand, PANN is in the process of issuing a Government Regulation on Dissolution and Asset Security.

Kartika explained that the dissolution of 7 SOEs is one part of the overall transformation carried out by the Ministry of SOEs in the last four years. The transformation of SOEs is carried out in order to create an inclusive and sustainable business ecosystem, as evidenced by positive results where the consolidated net profit of SOEs has increased significantly, from IDR 13.3 trillion in 2020 to an estimated IDR 280 trillion in 2023.

“We will do it gradually and hopefully in 2024 according to the 2024-2034 SOE roadmap, God willing, SOEs have very few problems if not at all so that we can focus on growth how SOEs focus on building their respective clusters in order to contribute to the economy in the future,” he concluded.


About PT Perusahaan Pengelola Aset

PT Perusahaan Pengelola Aset or PPA is a member of Danareksa SOE Holding which acts as a National Asset Management Company (NAMCO), which is a strategic government instrument in increasing and optimizing the value of SOEs through the restructuring and revitalization of SOEs, management of banking non-performing loans (NPL), as well as innovative and effective Special Situations Fund solutions.

PPA’s achievements and contributions have received recognition from the public through national and international awards, including:

· “Restructuring Deal of The Year 2021” dan “Indonesia Deal of The Year 2021” dari IFN

· “The Best SOE in Asset Recovery Management 2022” dan “Indonesian SOE with Predicate Excellent for Financial Performance 2021” dari Infobank

· “Best Excellent Talent Development” from BUMN Track: BUMN Award 2022

· “Best Category for Economic Pillar” and “Best Category for Environment Pillar” from BUMN Track: TJSL &; CSR Award 2022


Corporate Secretary

Pongky Afriandita Email: