Published on August 15, 2025, by Detik
By Ignacio Geordi Oswaldo
Jakarta – Daya Anagata Nusantara Investment Management Agency (BPI Danantara) has planned to cut the number of state-owned enterprises (SOEs) from 1,046 currently to 228 in a bid to improve governance as instructed by President Prabowo Subianto.
Chief Operating Officer (COO) Danantara Dony Oskaria said the huge number of SOEs does not immediately translated into a higher state revenue. In many cases, the government has to instead cover a significant amount of losses every year.
“We need to communicate that 97% dividends from the SOEs came from eight companies and 52% of the SOEs are loss-making. The losses were direct and indirect losses due to management inefficiencies equivalent to Rp50 trillion a year,” Dony said in a special talkshow titled Understanding the Direction of the Economy and Fiscal Policy in 2026 with CT Corp Chairman Chairul Tanjung on Friday (August 15, 2025).
Dony explained that this efficiency process will be done in several ways, such as mergers between the SOEs, business acquisitions, and spin-offs, which separate a business from its parent company.
“There will be mergers and acquisitions in the business consolidation [process], about 300 mergers will be done. There will be spin-offs which will return companies to their core [business],” Dony said.
According to Dony, PT Pertamina (Persero) is among the examples. Some of the company’s subsidiaries will be spun-off so the oil and gas giant can be focused on developing its business.
“Oil and gas, for example. We have Pertamina but its range of business is so vast that it can’t be focused as an oil and gas company anymore. There will be spin-offs in the company. Hospital [businesses] will be out, hotel [businesses] and others too. The SOEs will be focused on their core competence,” Dony said.
Through such efficiency measure, Dony hopes each of the SOEs will become more competitive. This will enable them to generate tangible benefits for the government, with Prabowo targeting a minimum contribution to state revenue of US$50 billion.
“We hope that the 1,046 companies will be reduced to 228. We need to communicate this so that we have a vision that these 228 companies will become more scalable, competitive, have a proper business model, a proper revenue stream, and be managed transparently,” he said.
Dony said he will thoroughly audit the performance of each SOE. This will ensure that there will be no more fraudulent financial reports, commonly known as financial engineering, to make companies appear to be profiting the state when in reality they are not.
“As we heard earlier, the President also hopes that there will be no more companies whose profits are due to fraudulent means. We also conveyed to the public that within the next six months we will be conducting restate [financial statement revision]. Due to improper bookkeeping, we are restating the books, and we will be restating several more,” he explained.
“But again, this is not our intention to show off our shortcomings, but rather to serve as a foundation for us to reach the US$50 billion target envisioned by the President. Of course, we must improve the fundamentals of these companies,” Dony emphasized.