News of the merger of BUMN Karya, BP BUMN: Completed in Q1-2026

JAKARTA - Deputy Head of the State-Owned Enterprise Regulation Agency (BP BUMN) Aminuddin Ma'ruf revealed the latest news regarding the merger or merger of a number of BUMN works. He said, it is targeted to be completed in the first quarter of 2026.

"The first quarter (finished)," said Aminuddin when met at the Ministry of Food and Agriculture Office, Jakarta, Monday, December 29.

Currently, continued Aminuddin, the corporate action process of the state-owned company is still being studied.

"It is still being studied," he said.

When asked further about the mapping of the merger of companies, Aminuddin asked to wait for an official announcement regarding this matter.

Aminuddin also emphasized that the merger of BUMN works would be carried out simultaneously.

"Yes, all together," he said.

Previously, the merger or merger of BUMN Karya would be carried out next year. Initially, the massive overhaul was targeted to be completed by the end of this year.

The seven works of BUMN that will be consolidated are PT Hutama Karya (Persero); PT Waskita Karya (Persero) Tbk; PT Wijaya Karya (Persero) Tbk; PT Adhi Karya (Persero) Tbk; PT PP (Persero) Tbk; PT Brantas Abipraya (Persero); and PT Nindya Karya (Persero).

Danantara's Chief Operating Officer (COO), Dony Oskaria, said that the merger of BUMN works was not possible this year.

"We carry over to next year. It is not finished this year. Especially for works that are not finished this year," said Dony at the Ministry of Finance's Office, Jakarta, Wednesday, November 26.

Dony explained that the main problem that hindered the merger process was the financial condition of the work SOEs, which was considered quite deep and required handling first before entering the consolidation phase.

"Earlier, the restructuring was from their debts. So their financial problems are quite deep in these works. We must also be transparent to the public. Our works have faced financial problems that are quite deep so far," said Dony.

Dony said that his party would prioritize consolidation on companies that face the most severe financial pressures. Therefore, the merger of Brantas Abipraya and Nindya Karya will not be carried out in the initial phase.

"Not yet. In fact, what we will do is first improve the financial condition of companies that face financial problems. Well, if Nindya and Brantas are relatively financially not in trouble," he said.

In addition, Dony has also not been able to specify the consolidation scheme that the government will choose. He was reluctant to respond to rumors of a merger between Hutama Karya with Waskita and WIKA, as well as the merger of PP with Adhi Karya, and Nindya Karya with Brantas Abipraya.

"Belum tahu. Jadi ada beberapa alternatif skenario. Nanti akan kita kasih tahu," ucap Dony.

Dony said the consolidation phase would begin with the improvement of the finances of each work SOE, including the impairment or write-down of assets.

After that, continued Dony, grouping BUMN works will be carried out based on the scenario that is considered to strengthen the industry's position the most.

"So the next stage is that we will first repair the financial condition. And entering it there will also be impairment later. Then after that we will group it based on which scenario will then provide strengthening between SOEs. We will do this," said Dony.