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Jakarta, 18 Januari 2024

Restructured by PPA, 14 State-Owned Enterprises Show Positive Development

Jakarta, January 18, 2024 – PT Perusahaan Pengelola Aset (“PPA”) as part of Danareksa SOE Holding is committed to completing the mandate of a Special Power of Attorney from the Minister of SOEs to restructure 21 Managed SOEs. As for the 21 SOEs that are managed, 7 SOEs have been closed because they no longer have economic value and no longer provide benefits to the community according to the purpose of establishing SOEs. Meanwhile, the restructuring process of 14 other Titip Manage SOEs began to show a number of positive progress.

The 14 SOEs are PT Amarta Karya (Persero), PT Barata Indonesia (Persero), PT Boma Bisma Indra (Persero), PT Djakarta Lloyd (Persero), and PT Dok dan Perkapalan Kodja Bahari (Persero), PT Dok dan Perkapalan Surabaya (Persero), PT Industri Kapal Indonesia (Persero), PT Indah Karya (Persero), PT Industri Telekomunikasi Indonesia (Persero), PT Semen Kupang (Persero), and PT Usahaan Daerah Industri Pulau Batam (Persero), Perum Perprinter Negara Republik Indonesia (PNRI), PT Primissima (Persero), and PT Varuna Tirta Prakasya (Persero).

Since obtaining the mandate of the Special Power of Attorney at the end of 2020, PPA has conducted a comprehensive study, ranging from HR and organization, operations, finance, law, and policies, with the aim of obtaining and strengthening a sustainable business model in each Managed SOE.

PPA President Director Muhammad Teguh Wirahadikusumah said, “In carrying out the mandate of the Special Power of Attorney from the Minister of SOEs, PPA has conducted a comprehensive study to formulate the best settlement strategy for each Managed SOE, starting from company significance, competitive advantage, market perception, and financial performance. Furthermore, the restructuring stage is carried out by taking into account various aspects, namely legal, social, business, and financial, by prioritizing the principles of good corporate governance. Thus, the results of the assessment become the basis for strong consideration in determining the direction of handling SOEs in the future.”

PPA has successfully completed the revitalization of Lokananta which is PNRI’s asset in Surakarta City, Central Java. Lokananta, which is the first and largest recording studio in Indonesia, has reopened in June 2023. Lokananta is now an Indonesian music tourism destination with a new concept as a Creative &; Commercial Hub for musicians, artists, and MSMEs. Since reopening, Lokananta has held around 50 events and attracted more than 150,000 visitors. In the future, Lokananta has a mission to save intellectual property, namely tens of thousands of works by Indonesian music legends.

PPA also revitalized Persero Batam to strengthen its strategic role as an integrated logistics terminal operator that helped improve regional and international supply chain connectivity. Persero Batam is now the operator of the Batu Ampar Container Terminal which has been operated in early November 2023. This project is a concrete step in providing sustainable infrastructure and has a positive impact on national economic growth, and specifically has an impact on economic progress in Batam Island.

In optimizing and developing the business of Titip Managed SOEs, PPA also transformed the Shipyard SOEs, namely DKB, IKI, and DPS, to integrate into a National Shipyard Platform with a wide coverage at strategic points of Indonesian shipping. In addition, PPA also integrates Manufacturing SOEs, namely Barata Indonesia and BBI, to become a sustainable manufacturing company with superior products and holistic services supported by an integrated value chain with a strong financial structure.

PPA is also exploring the potential for strategic partnerships with investors to be able to optimize and provide added value in the development of two Managed SOEs, namely Semen Kupang in Eastern Indonesia and Primissima as a supporter of the national batik industry.

In the field of information technology, PT INTI carries out business transformation to strengthen its role as a technology company with business pillars as a system integrator, manufacturing, and digital in order to support the fulfillment of national market needs for reliable products and services.

PPA also restructured and strengthened Djakarta Lloyd and VTP’s businesses so that in the future they can become part of the SOE logistics ecosystem. Djakarta Lloyd’s role will be strengthened as a bulk transportation service provider with a diversified revenue stream. For information, the Ministry of Transportation assigned sea tolls to DL to operate as many as seven ships in 2024. VTP is currently making improvements to strengthen its core business as a provider of chain solutions for logistics activities in the Danareksa Cluster and the SOE ecosystem.

PPA is also handling Amarta Karya and Indah Karya. After homologation was achieved in September 2023, Amarta Karya is currently refocusing on the steelworks business to have sustainable cashflow. Meanwhile, Indah Karya is currently in the process of collective restructuring through several obligation settlement options with a refocus on its core business.

“The restructuring of Titip Manage SOEs is PPA’s real commitment to contribute to BUMN transformation efforts in the last four years. Therefore, we hope for support from all parties so that this restructuring process can run well, so that this BUMN Titip Manage can have a positive impact on the economy and society,” concluded Teguh.

About PT Perusahaan Pengelola Aset

PT Perusahaan Pengelola Aset or PPA is a member of Danareksa 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 restructuring and revitalizing SOEs, managing non-performing loans (NPL) banks, and 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

PT Asset Management Company

Pongky Afriandita Email: