SOE holding: Danantara's increasingly agile actions
This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Bisnis Indonesia - Holding BUMN: Kian tangkas aksi Danantara
17 April 2025
By Dionisio Damara Tonce
Bisnis, Jakarta — The movement of Daya Anagata Nusantara Investment Management Agency (BPI Danantara) would be more agile following the issuance of the legal framework for the transfer of 52 shares of state-owned enterprises (SOEs) from the government. Governance is increasingly under the spotlight.
The transfer of 52 SOE shares to BPI Danantara is stated in Government Regulation (GR) No. 15/2025 concerning Increase of State Capital Participation of the Republic of Indonesia in the Shares Capital of PT Biro Klasifikasi Indonesia (Persero) for Operational Holding Establishment.
In this policy, the state increases capital to BKI for the establishment of the Danantara operational holding in the form of capital participation with a scheme for transferring state-owned series B and/or series C shares in all SOE companies.
Two of the SOEs whose shares were transferred to the Danantara operational holding are Pertamina (Persero) and PT Perusahaan Listrik Negara (Persero). In more detail, as many as 176,754,416 Pertamina B series shares with a nominal value of Rp1,000,000 per share with a total value of Rp176.75 trillion were injected into BKI.
Similarly, 150,536,095 PLN shares with a nominal value of Rp1,000,000 per share with a total value of Rp150.53 trillion became the object of state capital participation in BKI.
When calculated, the total value of the transfer of state-owned series B and/or series C shares in 52 SOEs to BKI as capital participation from the state as stated in GR No. 15/2025 reaches Rp1,028.11 trillion.
However, the policy specifies that the value of the additional state capital participation is a temporary value. Later, the definitive value of the additional state capital participation will be determined by SOE Minister.
GR No. 15/2025 also emphasises that the state will continue to oversee the 52 SOEs whose shares were transferred to BKI.
Furthermore, the government also issued GR No. 16/2025 concerning the Increase of State Capital Participation in BPI Danantara. The policy stipulates that 99% of BKI’s shares are transferred from the state to Danantara. The GR also confirms that the Indonesia through the Minister of SOEs owns 1% of BKI's Dwiwarna A series shares.
As a result of the share transfer, the rights attached to BKI's series B shares were transferred to BPI Danantara. The issuance of the two derivative regulations opened a new chapter in Danantara's centralisation structure.
Professor of the Faculty of Economics and Business (FEB) of the University of Indonesia (UI), Budi Frensidy, reminded that following the share transfer, Danantara's management must comply with the principles of good governance and provide transparency. This is considering the extraordinary value of its AUM.
"Professional, transparent and independent management is very important because Danantara manages very large funds sourced from SOE dividends and also the reallocation of Ministries/Agencies efficiency funds in the State Budget," he explained to Bisnis, Wednesday (16/4).
On the other hand, with a foothold in place for the transfer of shares, the sovereign wealth fund (SWF) created by Prabowo began to manoeuvre agilely. One of them is by attracting collaboration with strategic partners abroad.
In one of his economic diplomacy agendas, Prabowo succeeded in convincing the Qatar Investment Authority (QIA) to commit to investing through Danantara. CEO of the Danantara Investment Management Agency (BPI), Rosan Roeslani, stated that he was ready to oversee the realisation of joint investment worth a total of US$4 billion.
BPI Danantara, he continued, welcomed the trust given by Qatar through the establishment of a joint investment fund.
The Indonesian and Qatari governments had previously agreed to a strategic partnership in managing investment funds worth US$4 billion. Each country will contribute US$2 billion to develop several sectors in Indonesia.
The funds will later be managed by Danantara QIA to focus on investment opportunities in various strategic sectors, including downstream process, health, renewable energy, technology and other relevant sectors.
"Danantara Indonesia is ready to carry out this mandate by implementing prudent, transparent and results-oriented investment governance," Rosan said in a statement, Tuesday (15/4).
Rosan also stated that Danantara's focus in managing this jumbo investment fund is to ensure that every project funded can provide a strategic and sustainable impact on the national economy.
He also emphasised that this collaboration is proof of the international world's trust in Indonesia's institutional capacity in large-scale investment.
"This partnership is a concrete step in building trust with strategic global partners such as Qatar. This shows that Indonesia is not only an investment destination but also has the institutional capacity to manage investments professionally and accountably."
Selected sector
Separately, Danantara Chief Investment Officer, Pandu Sjahrir, revealed a number of strategic sectors that will be the investment targets of Qatar and Danantara SWF.
Pandu said that the investment will be directed to fundamental sectors, such as food security, energy, natural resource downstream and digital infrastructure. The health and tourism sectors are also considered to have a great potential.
"The themes have been mentioned earlier, such as food security, energy security, downstream, digital infrastructure. Health is also good, hospitality in Indonesia also has prospects," he said, Monday (14/4).
He also emphasised that investment coming in through Danantara is not just about pursuing short-term profits. However, it must also have a real impact in the form of knowledge and technology transfer.
Meanwhile, Nafan Aji Gusta, a senior market chartist at Mirae Asset Sekuritas, concluded that Qatar's commitment to inject US$2 billion in investment funds into Danantara can create stability and sustainable economic growth in Indonesia. In particular, this is also intended to help Danantara maximise its role as the forerunner of a global investment company.
"Danantara will eventually manage this investment fund in order to improve the performance of its business portfolio. Especially if it is utilised for the real sector. Danantara, however, is also dedicated to helping to boost capital market liquidity"
He saw this collaboration as a win-win situation that demonstrates Qatar's continued optimism about the Indonesian economy's future. They continue to have faith in the domestic macroeconomic base, which so far has been relatively solid.
From a capital market perspective, this investment has the potential to be a positive catalyst. Moreover, many issuers are currently in an undervalued condition. According to him, this will be closely monitored by market players.
