Share Sale Continues, BP BUMN Increases Control at Jasa Marga

JAKARTA - The series of transfer of ownership of state-owned shares from PT Danantara Asset Management (DAM) to the State-Owned Enterprises Regulation Agency (BP BUMN) continues.

Now it's the turn of PT Jasa Marga (Persero) Tbk (JSMR) which announced the transfer of a portion of Series B shares to the state-owned holding management institution.

Citing the disclosure of information from the Indonesia Stock Exchange (IDX), Thursday, January 8, Jasa Marga transferred 0.99 percent of Series B shares previously owned by DAM. The amount is equivalent to 50,805,097 shares.

The transfer was carried out in accordance with the provisions of Law (UU) number 16 of 2025 which is the fourth amendment to Law Number 19 of 2003 concerning SOEs.

Through this scheme, the transferred Series B shares will be classified as Series A Dual Color and recorded as state ownership through BP BUMN.

With this transfer, the country represented by the Head of BP BUMN officially holds 1 percent of the Seri A Dwiwarna shares in Jasa Marga.

In addition to the ownership of Series A, the state now holds 50,805,097 shares of Series B directly. Then, the government also holds indirect ownership through DAM as much as 5,029,704,742 shares, which are recorded in the consolidation of the Danantara Investment Management Agency (BPI).

Previously, two state-owned enterprises, PT Semen Indonesia (Persero) Tbk (SMGR) and PT Krakatau Steel (Persero) Tbk (KRAS) officially transferred a portion of the 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.

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.

Meanwhile, 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 D.

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.