State Control Strengthens, Danantara Transfers SMGR-KRAS Shares to BP BUMN

JAKARTA - State control over SOEs in the manufacturing sector is getting stronger.

Two state-owned enterprises, PT Semen Indonesia (Persero) Tbk (SMGR) and PT Krakatau Steel (Persero) Tbk (KRAS) officially transferred a portion of their Series B shares owned by PT Danantara Asset Management (Persero) or DAM to the State-Owned Enterprises Regulatory Agency (BP) BUMN.

The corporate action was announced through the disclosure of information from the Indonesia Stock Exchange (IDX), quoted on Thursday, January 8, and was carried out in accordance with the provisions of Law Number 16 of 2025, which is the fourth amendment to Law Number 19 of 2003 concerning SOEs.

In the open report, SMGR revealed that the transfer of Danantara-controlled Series B shares reached 0.51 percent or 34,570,229 shares.

SMGR Vita's Corporate Secretary Mahreyni emphasized that this step is a new regulatory mandate regarding the state's ownership structure in SOEs.

"The transfer of shares owned by PT Danantara Asset Management (Persero) to the State-Owned Enterprises Regulatory Agency in the implementation of Law Number 16 of 2025," wrote Vita in the information disclosure of the IDX, quoted Thursday, January 8.

With the transfer, the Series B shares that were transferred from Danantara were classified as Series A Dwiwarna shares, so that BP BUMN representing the state now holds 1 percent of Dwiwarna shares in SMGR.

In addition, the government also holds 34,570,229 shares of Series B directly, 3,442,352,775 shares of Series B indirectly through DAM which are consolidated in the Danantara Investment Management Agency (BPI).

Krakatau Steel

PT Krakatau Steel also reported a similar move with the transfer of 0.99 percent or 154,771,174 shares of Series B shares owned by Danantara to BP BUMN. The shares transferred were also converted into Series Dwiwarna.

As a result, the state through the Head of BP BUMN has 1 percent of the Series A Dwiwarna shares in KRAS.

In addition, the government recorded ownership of 154,771,174 Series B shares directly, 15,322,346,345 Series B shares indirectly through DAM and BPI Danantara.

With this structural change, the government's position as the controlling party of SMGR and KRAS remains unchanged.

In fact, the direct ownership portion, both Series A and Series B, increased, without reducing the consolidated ownership through Danantara.