Indonesia state owned enterprise super-holding will be started with asset at 1 trillion USD (2024)

[Indos]

Rosan: 844 SOEs Officially Join Danantara
CNN Indonesia
Monday, 28 Apr 2025 16:56 WIB
​

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Jakarta, CNN Indonesia --

CEO of the Investment Investment Agency (BPI) Daya Anagata Nusantara (Danantara) Rosan Roeslani said as many as 844 State-Owned Enterprises (SOEs) officially joined the institution.

"Since March 21, all SOEs totaling 844 have officially become part of Danantara Indonesia," said Rosan in the Danantara Townhall at JCC Senayan Jakarta, Monday (28/4).

Rosan said the formation of Danantara is the elaboration of Article 33 of the 1945 Constitution which emphasizes the economy is structured on the principle of family. The market mechanism remains respected, he continued, but the state is also entitled to intervene if market mechanisms deviate.

Rosan: 844 BUMN Resmi Gabung ke Danantara

CEO Danantara Rosan Roeslani mengatakan sebanyak 844 BUMN resmi bergabung dengan lembaga tersebut sejak 21 Maret 2025.

www.cnnindonesia.com

Based on latest valuation, the asset is already exceeding 1 trillion USD. The source is CEO Danantara speaking directly in the video posted above.

 

[Indos]

Prabowo Sees Danantara Amassing $1 Trillion in Assets​

Bambang Ismoyo, Ricki Putra Harahap

April 28, 2025 | 8:27 pm

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Jakarta. President Prabowo Subianto predicted that Indonesia’s newly formed sovereign wealth agency, Daya Anagata Nusantara Investment Management (Danantara), could eventually control assets worth $1 trillion if if handled effectively.


Speaking at the Danantara-BUMN Town Hall at the Jakarta Convention Center on Monday, Prabowo said early calculations revealed the country's untapped financial potential. “When we reviewed our assets, it turned out we are rich. Danantara’s wealth could exceed $1 trillion if managed properly,” Prabowo said. “If handled with good governance, this could generate enormous funds for our nation.”


Prabowo stressed that Danantara must operate with strict transparency and serve as a driver of Indonesia’s economic resurgence. "This is the nation’s wealth. It must be managed diligently, preserved with transparent and rigorous systems because it can drive our national revival," he said.

Danantara, launched earlier this year, is tasked with consolidating and optimizing state-owned assets. The agency currently oversees 844 entities, including parent companies, subsidiaries, and sub-subsidiaries previously held under various state-owned enterprises (SOEs). The consolidation officially began on March 21, 2025.


In his remarks, Prabowo urged Danantara’s leadership and BUMN executives to abandon outdated and inefficient practices. He called for a thorough evaluation of directors' performance, emphasizing the need to prioritize integrity and professionalism. "If they underperform, misuse authority, or act improperly, they must be replaced," he said.


Rosan Roeslani, CEO of Danantara, echoed Prabowo’s directives. He said Danantara would carefully select directors with clean legal records and professional expertise to ensure efficient and ethical management. “The President’s message is clear: practices from the past that are improper must end. We must choose only those who are truly professional and clean,” Rosan said during the Town Hall.

Danantara aims to be more than just a passive asset manager. According to Rosan, it is expected to aggressively optimize national assets, deliver consistent profits, and transform former BUMNs into globally competitive players. "The return targets have been set to increase significantly," Rosan said, stressing that strong corporate governance, transparency, accountability, and sustainability would be at the heart of Danantara’s operations.


The timing of Danantara’s launch is strategic, Rosan added, citing rising global geopolitical and economic tensions. “Countries today must strengthen their domestic economies. We cannot rely on external forces," he said. "Danantara’s formation reflects Indonesia’s commitment to economic sovereignty."


The agency is positioned as a pillar for Indonesia’s journey toward economic resilience and long-term prosperity. It will channel dividends from state-owned enterprises into strategic sectors and support large-scale national development programs.


Established officially on February 24, 2025, Danantara is seen as a cornerstone of Prabowo’s broader strategy to secure Indonesia’s financial future amid a volatile global environment.

Prabowo Sees Danantara Amassing $1 Trillion in Assets

Prabowo forecasts Danantara’s assets to surpass $1 trillion, aiming to transform state firms and boost Indonesia’s economic strength.

jakartaglobe.id

 

[Indos]

INALUM, state own aluminium producer, improve its value chain independency by producing Alumina with its own smelter

So Danantara is doing from the start in mining through its mining arm and goes into the final product (Aluminium ). Later it can possibly process Aluminium into more value added products like aluminium for aerospace industry.

Currently Inalum has already supplied aluminium product for Toyota Manufacturing Indonesia.

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[Indos]

Danantara total asset is 1.040 trillion USD (more than 1 trillion USD) as of 2024.

Danantara Kelola Aset Senilai US$ 1,040 Triliun

Badan Pengelola Investasi Danantara akan mengelola aset senilai US$ 1,040 triliun, termasuk GBK dan Kemayoran. Prabowo soroti kepemilikan aset negara.

www.detik.com

 

[Indos]

Danantara in Talks to Partner with Eramet, Lotte Chemical​

Jayanty Nada Shofa

April 30, 2025 | 10:57 am


Former President Joko "Jokowi" Widodo visits Lotte Chemical Indonesia's petrochemical complex in Cilegon, Banten, on September 12, 2023. (Photo Courtesy of Presidential Press Bureau)

Jakarta. Indonesia’s sovereign wealth fund Danantara is in talks with the French mining giant Eramet, while also exploring the possibility of including a petrochemical project backed by South Korean conglomerate Lotte in its portfolio.


Danantara’s chief executive officer Rosan Roeslani recently updated reporters on the foreign partners’ interest in the fund -- a day after he revealed that the superholding now encompasses all 844 Indonesian state-owned enterprises (SOEs), which include its parent companies, subsidiaries, and sub-subsidiaries. Earlier this week, President Prabowo Subianto hosted a group of South Korean businesspeople, with Lotte Corporation chairman Shin Dong-bin joining. Lotte Chemical Indonesia is currently constructing a large-scale petrochemical complex in Cilegon, Banten Province, with an investment reaching a whopping $3.9 billion. This factory is set to enter commercial production in the second half of this year.

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Danantara Leaders


“President [Prabowo] told Lotte that he was open to having Danantara participate in their petrochemical project. We [Danantara] actually have been talking with Lotte on this matter. We are studying the possibility,” Rosan said at a news conference in Jakarta on Tuesday.

Rosan said that he had spoken with Eramet’s top brass regarding a possible investment deal with Danantara with the partnership centering on helping Indonesia move up the nickel value chain.


Eramet’s main operation in the mineral-rich country is its Weda Bay Nickel mine, which lies in North Maluku’s Halmahera. The Weda Bay Nickel is a joint venture that Eramet runs with Chinese stainless steelmaker Tsingshan and state-run miner Antam. Tsingshan owns the majority stake at 51.3 percent, while Eramet holds 37.8 percent. Antam’s shares at Weda Bay Nickel stands at 10 percent, and is also among the companies that is now part of Danantara. The mine accounts for 17 percent of the global nickel production in 2023.


“Eramet wishes to invest more in Weda Bay Nickel. I invited them to work with Danantara so we can invest together. We are open, especially since this is related to industrial processing. They are also one of the biggest European companies in this field,” Rosan stated.

Indonesia has repeatedly expressed Danantara’s willingness to do business with foreign partners. Most recently, Danantara and Qatar Investment Authority agreed to establish a $4 billion joint investment fund. Each agency will contribute $2 billion each to the fund that will target high-priority sectors such as renewable energy and healthcare. Just last week, Rosan claimed that Danantara had also been talking to two other foreign funds, although the minister did not say their country of origin.


Danantara’s investment portfolio is set to include petrochemicals, oil refineries, food production, and building the production chain of minerals (i.e. nickel, bauxites, copper). However, the agency only plans to put their money in investment-ready projects, by making assessments beforehand.


Indonesia reported that it had recorded nearly $683.3 million investment from South Korea in the first quarter of 2025. Official figures showed that about $85 million worth of French investments went to Indonesia over the said three-month period.

Danantara in Talks to Partner with Eramet, Lotte Chemical

Indonesia's sovereign wealth fund Danantara is open to partnering with Lotte Chemical on its petrochemical project.

jakartaglobe.id

 

[Indos]

Danantara officials, lead by Chief Investment Officer, Pandu Sjahrir, met US Treasury Secretary (US Finance Minister), Scott Bessen, on Tuesday US TIME/ 6 May 2025.

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[Indos]

Danantara CIO (Chief Investment Officer), Pandu Sjahrir, talking about Danantara with international media

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[Indos]

18 Prabowo Downstream Projects Worth of Rp 730 Trillion (45 Billion USD) Soon To Be Built ​

Yanwardhana Emir, CNBC Indonesia

23 May 2025 20:00


Jakarta, CNBC Indonesia - Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia said, the government agreed on 18 downstream projects with total investment value reaching US $ 45 billion or equivalent to Rp 730.6 trillion (assuming the exchange rate of Rp 16,237 / US$) from various sectors.


The number of downstream projects is slightly decreased compared to the initial plan that reached 21 projects.


Bahlil said the 18 downstream projects will be built soon in the near future. This was decided in a limited meeting (Ratas) with President Prabowo Subianto at the Merdeka Palace, Jakarta, Friday (23/05/2025).


"We discussed the follow-up of the downstream project that was 21, now 18 projects. The total investment is approximately almost US $ 45 billion, "said Bahlil when met after a limited meeting related to the acceleration of the national downstream project at the Merdeka Palace, Jakarta, Friday (23/5/2025).


The projects, according to Bahlil, will soon enter the development stage. The inauguration of the first stone laying or groundbreaking will be carried out in June 2025, namely for the downstream project of EV batteries by Chinese investors, Contemporary Amperex Technology Co Limited (CATL).


“We’ve talked about everything, it’s been in detail. And this is a collaboration between the Task Force and the Ministry of Investment and other technical ministries," Bahlil said.


Bahlil also explained that the projects discussed include downstreaming nickel, bauxite, construction of refineries and storage facilities, as well as strategic sectors such as fisheries, agriculture, plantations, and forestry.


According to him, one of the main focuses of downstream is the development of the electric vehicle battery industry because it can be an important step towards national industrial independence.


"So far we built the battery ecosystem for cars, but in the future we will create a battery ecosystem for motors. Well, so far our motorbike is about 140 million on the road, this is partly for how to make substitutions on the use of fuel in order to encourage the energy transition, "continued Bahlil.


One example of a project that will be inaugurated is the development of an electric car battery ecosystem from the Indonesian SOE consortium with Ningbo Contemporary Burnp Legend Co. Ltd, which is the subsidiary of the CATL.


"June we do groundbreaking for the CATL car battery ecosystem that cooperates with SOEs, after that we will enter in the next stage," he said.


Regarding funding, Bahlil stated that most of the project financing is expected to come from the national entity of the Danantara. Shareholding in the project will also be sought to remain in control of the country as directed by President Prabowo.


"I assure you that the directive of Mr. President Prabowo, this is the Red and White project. This means that we try, maximize so that all the majority are in the country, "he said.


(wia)

18 Proyek Hilirisasi Prabowo Senilai Rp 730 Triliun Segera Dibangun

Pemerintah menyepakati 18 proyek hilirisasi dengan total nilai investasi mencapai US$ 45 miliar atau setara Rp 730,6 triliun.

www.cnbcindonesia.com

 

[Indos]

SPECIAL EDITION​

Understanding Sumitro, Past and Present​

Editorial Team Katadata ∙ Monday, June 2, 2025​

​

The journey of Sumitro Djojohadikusumo stretched from the time of the Dutch East Indies, Indonesian independence, to the beginning of the reform era. The spectrum of thinking is broad, from microfinance, banking, geoeconomic-political, to macroeconomics.


Because of that, Sumitro is included in the few people who are considered as the economic architecs of Indonesia. The man born in Kebumen, Central Java on May 29, 1917 (died March 9, 2001) was also considered one of the main architects of Indonesia's economic policy post-independence.


Currently, his concept of economic development is believed to be the basis of Indonesia’s strategic policy and development which is now led by his son, President Prabowo Subianto.


Katadata publishes this special edition to dissect the character's work and philosophy of thinking and its relevance to the current economic condition of Indonesia.

Edisi Khusus 'Memahami Sumitro, Dulu dan Sekarang'

Jelajahi profil, karya, dan pemikiran Prof. Dr. Soemitro Djojohadikoesoemo, arsitek ekonomi Indonesia sekaligus ayah dari Presiden Prabowo Subianto. Kenali kontribusi dan pemikiran mendalam begawan ekonomi yang turut meletakkan dasar-dasar perekonomian Indonesia, termasuk wawasan mendalam...

katadata.co.id

 

[Indos]

Pertamina Posts $3.1 Billion in Net Profit for 2024, Announces New Board Members​

The Jakarta Globe

June 12, 2025 | 11:33 pm


Jakarta. Indonesian state energy company Pertamina reported a net profit of $3.13 billion (Rp 49.54 trillion) for the year 2024, supported by strong operational performance across its upstream, downstream, and renewable energy businesses.


The company booked $75.33 billion (Rp 1,194 trillion) in total revenue and $10.79 billion (Rp 171.04 trillion) in EBITDA, according to disclosures made during its Annual General Meeting of Shareholders (AGMS) held Thursday at Grha Pertamina in Jakarta.


Pertamina’s Vice President of Corporate Communication, Fadjar Djoko Santoso, highlighted the company's central role in Indonesia's energy ecosystem. In 2024, the company supplied 69 percent of the country’s oil and 37 percent of its gas needs, with total oil and gas production averaging 1 million barrels of oil equivalent per day.


Pertamina’s domestic refineries met 70 percent of national fuel demand, while aviation fuel (avtur) and diesel requirements were met entirely through local production, Fadjar added.

Extensive Distribution Network and Renewable Growth
Pertamina operates:

• 15,000+ retail fuel stations
• 260,000 LPG retailers
• 6,700 Pertashop outlets
• 573 one-price fuel distributors reaching remote regions

Its logistics backbone is supported by a fleet of 288 tankers, while its gas business includes 33,000 kilometers of transmission pipelines.


On the renewable energy front, Pertamina manages 13 geothermal working areas, along with solar and gas-steam power plants, totaling a combined installed capacity of 2,502.12 MW.


The company also produces biofuel B35, Hydrotreated Vegetable Oil (HVO), Pertamax Green 95, and is developing Sustainable Aviation Fuel (SAF) through a Used Cooking Oil (UCO) project.


In terms of state contributions, Pertamina delivered Rp 401.73 trillion in 2024 through tax payments and dividends, reflecting its continued importance to national revenue.


Leadership Reshuffle at Pertamina
The shareholders’ meeting also introduced changes to Pertamina's Board of Directors and Board of Commissioners:


Board of Directors

• President Director: Simon Aloysius Mantiri
• Vice President Director: Oki Muraza
• Director of Risk Management: Ahmad Siddik Badruddin
• Director of Strategy, Portfolio, and Business Development: Salyadi Dariah Saputra
• Director of Logistics and Infrastructure: Jaffee Arizon Suardin
• Finance Director: Emma Sri Martini
• Director of Business Support: M. Erry Sugiharto
• Director of Transformation and Business Sustainability: Agung Wicaksono
• Human Resources Director: Andy Arvianto

Board of Commissioners

• President Commissioner & Independent Commissioner: Mochammad Iriawan
• Vice President Commissioner: Todotua Pasaribu
• Independent Commissioners: Condro Kirono, Raden Ajeng Sondaryani, Nanik S. Deyang
• Commissioners: Bambang Suswantono, Heru Pambudi

Pertamina Posts $3.1 Billion in Net Profit for 2024, Announces New Board Members

Pertamina supplied 69 percent of the country’s oil and 37 percent of its gas needs in 2024.

jakartaglobe.id

 

[Indos]

PLN Posts $33b Revenue in 2024, But Profit Drops 19.5%​

Bambang Ismoyo
June 19, 2025 | 9:38 am

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Jakarta. State-owned electricity company PLN reported Rp545.4 trillion ($33.33 billion) in revenue for 2024, marking an 11.9 percent increase from the previous year. The company also posted a net profit of Rp17.76 trillion, down 19.5 percent from Rp22.07 trillion in 2023.


PLN President Director Darmawan Prasodjo credited the strong performance to the government’s backing during a year marked by global economic uncertainty and geopolitical turbulence.


“This achievement cannot be separated from the significant role and commitment of the government in ensuring PLN remains resilient amid global challenges,” Darmawan said in a statement on Thursday.


Darmawan added that PLN’s transformation since 2020 --including business process digitalization, operational efficiency, and adaptive marketing strategies-- had strengthened the company’s competitiveness and financial sustainability.

Electricity sales were a key driver of revenue, reaching 306.22 terawatt hours (TWh) in 2024, a 6.17 percent increase from 2023 and surpassing the government’s target of 299.99 TWh by 2.08 percent. These sales generated Rp353.17 trillion in income, up from Rp333.19 trillion the previous year.


Household consumption accounted for the largest portion of electricity sales at 43 percent, followed by the industrial sector (30 percent), businesses (19 percent), and other segments (8 percent).


The increase in electricity sales was supported by asset expansion and the consolidation of PLN’s business processes, which have positioned the company as a more modern, innovative, and climate-adaptive utility. PLN’s customer base also grew by 5.88 percent, or an additional 3.72 million users in 2024.


“This is clear proof that our transformation since 2020 has delivered tangible results and solidified PLN’s position as a world-class company,” Darmawan said.

PLN Posts $33b Revenue in 2024, But Profit Drops 19.5%

PLN booked Rp545.4t in revenue for 2024, up 11.9% from last year, while net profit dropped 19.5% to Rp17.76t

jakartaglobe.id

 

[Indos]

Danantara takes over capital injection role for SOEs​

Before Danantara’s formation, any SOE seeking additional capital had to submit a PMN proposal for approval by the House and the Finance Ministry, a process that was anything but swift.

Ni Made Tasyarani (The Jakarta Post)
Jakarta
Sun, June 22, 2025


Global investment: A sign for sovereign wealth fund Danantara Indonesia is seen on Feb. 28 in front of its headquarters in Jakarta. (Reuters/Willy Kurniawan)

Danantara takes over capital injection role for SOEs - Regulations - The Jakarta Post

Before Danantara’s formation, any SOE seeking additional capital had to submit a PMN proposal for approval by the House and the Finance Ministry, a process that was anything but swift.

www.thejakartapost.com

 

[Indos]

Support the Independence of the Maritime Industry, PIS & PAL Ready to Collaborate​

Khoirul Anam, CNBC Indonesia

20 June 2025 19:14


Photo: Pertamina International Shipping

Jakarta, CNBC Indonesia - PT Pertamina International Shipping (PIS) and PT PAL Indonesia are ready to collaborate in advancing the national maritime industry while supporting the fleet strengthening plan. This collaboration is in line with PIS's commitment to prioritize domestic industries while maintaining national energy supply security.

This collaboration plan begins with a review of PT PAL Indonesia’s production facilities in Surabaya, on Wednesday (18/6). This step is also the beginning of exploring strategic cooperation opportunities in the development of ships and supporting facilities.

"To answer national energy needs and global challenges, PIS continues to strengthen its fleet and services. So we need the revitalization and construction of new ships that are more efficient and environmentally friendly," said Plt CEO of PIS Surya Tri Harto quoted Friday (20/6/2025).

"This is where we can see the potential of synergy to be in line with our commitment to prioritize domestic industries while maintaining the security of national energy supply," he said.

Surya explained the opportunity of cooperation by the two SOEs both in the project of shipbuilding, maintenance, and marine technology innovation.

"PIS is ready to synergize with PT PAL to support national maritime independence, strengthen the energy supply chain, and expand Indonesia's capabilities in the global shipping sector," he said.

CEO of PT PAL Indonesia Kaharuddin Djenod added that the current global geopolitical conditions should be the point to accelerate and optimize the independence of the maritime industry.

"If we continue to depend on foreign countries, we will never be able to meet our own needs and depend on. But when we optimize domestic products, which have the same engine needs, assisted by military needs, this will be an additional value of interest to build domestic industries," he said.

According to him, collaboration with PIS can strengthen national logistics security through the maximum utilization of domestic shipbuilding.

"PT PAL is ready to be a lead integrator that guarantees the fulfillment of PT PIS's fleet needs with the latest technology standards," he said.

"This strategic step is a testament to the spirit of national maritime development and the commitment of SOEs in building a resilient and competitive energy logistics ecosystem from upstream to downstream," he concluded.

Dukung Kemandirian Industri Maritim, PIS & PAL Siap Kolaborasi

PT Pertamina International Shipping dan PT PAL Indonesia berkolaborasi untuk memajukan industri maritim, memperkuat armada, dan menjaga pasokan energi nasional.

www.cnbcindonesia.com

 

[Indos]

Indonesia Cancels ADB Housing Loan after Securing $8B in Domestic Financing​

Erfan Maruf

June 26, 2025 | 1:45 am

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Rural areas in Central Java


Jakarta. Indonesia has cancelled plans to take out a loan from the Asian Development Bank (ADB) to finance its national housing program, including subsidized housing. Housing and Settlements Minister Maruarar Sirait said on Wednesday that the government has opted to rely on domestic funding sources instead.


The decision came after the government secured financing commitments from Indonesia’s sovereign wealth fund Danantara and additional fiscal support from Bank Indonesia.


In February, ADB had offered a loan of $138 million to support Indonesia’s 3 Million Homes Program, with discussions suggesting the loan could be expanded further.

However, Danantara, along with state-owned banks under its umbrella, has pledged Rp 130 trillion (approximately $8 billion) in financing for the housing sector through the microcredit program (KUR). This is further supported by fiscal incentives from Bank Indonesia.


“I made the decision to stop foreign borrowing for the housing sector. The proposal for foreign loans did not come from me, but from my director generals,” Maruarar said.


Despite declining the ADB loan, the minister expressed appreciation for the strong interest and support from international financial institutions, highlighting their confidence in President Prabowo Subianto’s administration.


Maruarar confirmed that the decision was made in coordination with the president and stressed that his ministry would now rely solely on domestic funding facilitated by Danantara.

“I have spoken with President Prabowo Subianto, and the Housing and Settlements Ministry will not require any foreign loans this year. Thanks to the support from the president, Bank Indonesia, the Finance Ministry, and Danantara, we are fully funded domestically,” he said.

Indonesia Cancels ADB Housing Loan after Securing $8B in Domestic Financing

In February, ADB had offered a loan of $138 million to support Indonesia’s 3 Million Homes Program.

jakartaglobe.id

 

[Indos]

Head Quarter in South Jakarta

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More view on the business district where the Danantara HQ located

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