TEMPO.CO, Jakarta - Eight publicly listed state-owned enterprises (SOEs) have begun transferring government-owned Series B shares to PT Biro Klasifikasi Indonesia (BKI), the newly designated operational holding company under the Danantara Investment Management Agency. The transfer is being carried out through an inbreng scheme, a mechanism for injecting assets into a company’s equity.
While the move marks a significant step in restructuring state-controlled businesses, the Institute for Development of Economics and Finance (Indef) has criticized the government’s handling of the process, citing a lack of transparency.
Ariyo DP Irhamna, an Indef researcher specializing in industry, trade, and investment, argued that while the regulatory framework—Government Regulation No. 15 of 2025 (PP 15/2025)—is in place and being implemented, the process remains opaque. “The regulation provides the legal foundation for SOEs to transfer their shares to BKI, yet the government has not been fully transparent,” he said during an Indef public discussion on Tuesday, March 25.
Ariyo also noted difficulties in accessing PP 15/2025 and suspected ambiguities in its provisions. “I believe there are unresolved issues within the government regarding this regulation. Yet, it has already been enacted and put into effect.”
He urged the government to clarify where PP 15/2025 was issued and why it has not been made publicly available. Without a clear framework outlining the transfer process, he warned, the lack of transparency could hinder public and market confidence in the inbreng scheme.
A disclosure published by the Indonesia Stock Exchange (IDX) on March 24, 2025, confirmed that the share transfer is underway. The eight SOEs involved are PT Bank Mandiri Tbk (BMRI), PT Bank Rakyat Indonesia Tbk (BBRI), PT Bank Negara Indonesia Tbk (BBNI), PT Bank Tabungan Negara Tbk (BBTN), PT Telkom Indonesia Tbk (TLKM), PT Jasa Marga Tbk (JSMR), PT Semen Indonesia Tbk (SMGR), and PT Garuda Indonesia Tbk (GIAA).
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