Published on August 15, 2025, by CNBC Indonesia
By Verda Nano Setiawan
Jakarta, CNBC Indonesia – The Daya Anagata Nusantara Investment Management Agency (BPI Danantara) revealed several steps they will take to review the businesses of state-owned enterprises (SOEs).
“First, a fundamental business review. We need to communicate this to every SOEs and their subsidiaries totalling 1,046. Ninety-seven percent of SOE dividends came from just eight companies, and 52% of SOEs are making losses, totaling approximately Rp50 trillion annually. This is our homework,” said Dony Oskaria, COO of Danantara, during a Special Talkshow – Financial Note & 2026 Draft State Budget, on Friday (August 15, 2025).
After conducting the review, Danantara will then conduct an internal capabilities assessment. Danantara will incorporate this matrix as a step to ensure that public expectations are met.
“For example, we have 18 logistics companies, but they’re all small-scale—Angkasa Pura Logistik, Semen Logistik, and Pelindo Logistik—but these companies don’t provide significant profits. Similarly, we have 15 insurance companies, and many asset management companies. This will be the second stage we’ll implement: a matrix of internal business fundamentals,” Dony continued.
This will lead to business consolidation, allowing Indonesia to have one logistics company, but with a large scale that’s highly competitive. They will redesign their businesses to be more robust.
The second stage is business consolidation, where there will be mergers and acquisitions, with approximately 300 mergers taking place. Then there are spinoffs. For example, there are companies operating in the oil and gas sector, such as Pertamina, but their business range is so broad that they lack focus, and this will result in a spinoff within the company.
“If they [have] hospital business they will exit, allowing state-owned enterprises to focus on their core competencies, and this will help us to develop their business models. This is what we’re doing,” Dony said.