Danantara Runs 21 Hospital SOE Recovery Programs, Focuses On Restructuring To Consolidation

JAKARTA - PT Danantara Asset Management (Persero) or DAM has prepared 21 work programs specifically designed to improve the condition of problematic or sick State-Owned Enterprises (BUMN).

Managing Director of BPI Operations Holding Danantara Febriany Eddy explained that the selection of the 21 programs was carried out through a rigorous selection process based on urgency and risk level if improvements were postponed.

"Why is this 21 made for this year? That's the urgent import, which if it is not restructured this year, then next year it will be more difficult for it to be restructured. So there is an urgency to be assisted immediately this year," he said at Wisma Danantara, Jakarta, Friday, November 14.

Febriany said that one of the SOEs undergoing intensive restructuring was PT Garuda Indonesia (Persero) Tbk. He said, Danantara has also disbursed Rp23.67 trillion to restore Garuda Group operations, including reactivating previously grounded aircraft.

"Garuda's transformation is not just a balance transformation. Even though the capital injection in the end, there were many series of corporate action yesterday. So there was an injection for Garuda itself, then there was also Citilink to pay the debt of using its avtur, then there was also land inbreng from GMF Aero Asia," said Febriany.

Apart from restructuring, Danantara also strengthened consolidation steps. Febriany assessed that many SOEs have too many children and grandchildren and not all support the company's core value chain.

"Those who are not part of the ecosystem that is needed, maybe we should ask questions, lose or not? If you lose, you don't have to invite it there rather than become a burden. So that's roughly the concept of the transformation that we will do," he said.

Previously reported, PT Garuda Indonesia (Persero) Tbk received an additional capital of IDR 23.67 trillion from PT Danantara Asset Management (Persero) or DAM.

The decision was approved at the Garuda Indonesia Extraordinary General Meeting of Shareholders (EGMS).

The EGMS was held at the Auditorium of the Garuda Indonesia Management Building, Tangerang on Wednesday, November 12, 2025.

The meeting was attended by shareholders representing 75.88 percent of the total shares or around 69.42 billion shares.

The additional capital consists of cash payments of IDR 17.02 trillion and debt conversion of shareholders' loans of IDR 6.65 trillion through the mechanism for Capital Increase without Pre-emptive Rights (PMTHMETD).

Of the total Rp23.67 trillion, around Rp8.7 trillion or 37 percent will be allocated for Garuda Indonesia's working capital needs, including aircraft maintenance and maintenance.

Sementara itu, Rp14,9 triliun atau 63 persen akan mendukung operasional Citilink.

Rinciannya yakni terdiri atas Rp11,2 triliun untuk modal kerja dan Rp3,7 triliun untuk pelunasan kewajiban pembelian bahan bakar kepada Pertamina periode 2019–2021.

Penyertaan modal tersebut dilakukan melalui penerbitan 315.610.920.000 lembar saham Seri D dengan harga pelaksanaan Rp75 per lembar saham, sebagaimana telah disetujui dalam RUPSLB.

Meanwhile, IDR 14.9 trillion or 63 percent will support Citilink's operations.

The details consist of Rp11.2 trillion for working capital and Rp3.7 trillion for payment of fuel purchase obligations to Pertamina for the 2019-2021 period.

The capital participation was carried out through the issuance of 315,610,920,000 Series D shares with an exercise price of Rp75 per share, as approved in the EGMS.