Purbaya Takes Over State-Owned Enterprises Shares in KCIC, Management of Whoosh Switches to SMV Kemenkeu

JAKARTA - Finance Minister Purbaya Yudhi Sadewa has confirmed that the government will take over the ownership of state-owned enterprises (BUMN) shares in PT Kereta Cepat Indonesia China (KCIC), the operator of the Jakarta-Bandung High Speed Train (KCJB) Whoosh.

Purbaya conveyed this after meeting with Danantara's Chief Operating Officer (COO) and Head of the State-Owned Enterprise Management Agency (BP) Dony Oskaria, at the Ministry of Finance Office, Jakarta, Wednesday, August 5.

According to Purbaya, the state-owned shares in KCIC are no longer under PT Kereta Api Indonesia (Persero) or KAI.

"(Ownership of KCIC) is in me. It's not (under KAI anymore)," said Purbaya.

Currently, state-owned shares in KCIC are under PT Pilar Sinergi BUMN Indonesia (PSBI), a consortium consisting of PT Kereta Api Indonesia (Persero), PT Wijaya Karya (Persero) Tbk, PT Jasa Marga (Persero) Tbk, and PT Perkebunan Nusantara VIII (Persero). PSBI holds 60 percent of KCIC shares, while the remaining 40 percent is owned by a Chinese consortium, Beijing Yawan HSR Co. Ltd.

Purbaya explained that the acquisition of shares would be carried out through two Special Mission Vehicles (SMV) under the Ministry of Finance. In addition to being shareholders, the two SMVs will also manage the government's ownership in KCIC.

However, Purbaya was not ready to reveal the identities of the two SMVs to be appointed.

"There are two, basically enough, the money is enough," he said.

Furthermore, Purbaya said that the process of acquiring shares was targeted to be completed by mid-September 2026.

"The first discussion was that the Jakarta-Bandung High Speed Train would be handed over from Danantara, to the Ministry of Finance. The process will be accelerated, maybe in mid-September it will be clear," said Purbaya.