14 SOEs PPA 'Patients' Have Showed Positive Development

BUMN (Photo: dock. Antara)

JAKARTA - PT Perusahaan Pengelola Asset (PPA) reports that 14 sick SOEs currently undergoing restructuring have begun to show a number of positive progress.

For your information, PPA as part of the BUMN Holding Danareksa received the mandate of a Special Power of Attorney from the Minister of SOEs Erick Thohir to restructure 21 SOEs Titip Kelola.

PPA President Director Muhammad Teguh Wirahadikusumah said of the 21 SOEs that were entrusted with this management, as many as 7 SOEs were closed because they no longer had economic value and no longer provided benefits for the community according to the objectives of establishing SOEs.

"Meanwhile, the restructuring process for 14 SOEs has entrusted other management to start showing a number of positive progress," he said in an official statement, Thursday, January 18.

The 14 SOEs entrusted the management were PT Amarta Karya (Persero), PT Barata Indonesia (Persero), PT Boma Bisma Indra (Persero), PT Djakarta Lloyd (Persero), and PT Dok and Shipship Kodja Bahari (Persero), PT Doc and Surabaya Shipship (Persero).

Then, PT Industri Kapal Indonesia (Persero), PT Indah Karya (Persero), PT Industri Telekomunikasi Indonesia (Persero), PT Semen Kupang (Persero), and PT Entrepreneurs of the Batam Island Industrial Region (Persero), Perum Percetakan Negara Republik Indonesia (PNRI), PT Primissima (Persero), and PT Varuna Tirta Prakasya (Persero).

Teguh said that since receiving the mandate of a Special Power Letter at the end of 2020, PPA has conducted a thorough study, ranging from human resources and organizations, operations, finances, laws, and policies.

Furthermore, he said, this study was carried out with the aim of obtaining and strengthening sustainable business models in each SOE to entrust it to the management.

"Furthermore, the restructuring stage is carried out by taking into account various aspects, namely law, social, business, and finance, by prioritizing the principles of good corporate governance. Thus, the results of these assessments are the basis for strong considerations in determining the direction of handling SOEs in the future," he explained.

Teguh said that PPA had previously completed the revitalization of Lokananta which is a PNRI asset in Surakarta City, Central Java. Lokananta is now a tourist destination for Indonesian music with a new concept as a Creative & Commercial Hub for musicians, artists, and MSMEs.

In optimizing and developing the BUMN Titip Kelola business, continued Teguh, PPA also carried out transformations to BUMN Galangan, namely DKB, IKI, and DPS, to integrate into a National Counterview Platform with wide coverage at strategic points for Indonesian shipping.

In addition, PPA also integrates Manufacturing SOEs, namely Barata Indonesia and BBI, to become sustainable manufacturing companies with superior products and holistic services supported by integrated value chains with a strong financial structure.

"PPA is also exploring the potential for strategic partnerships with investors to be able to optimize as well as provide added value in the development of two SOEs Titip Kelola, namely Semen Kupang in Eastern Indonesia and Primissima as supporters of the national batik industry," he explained.

PPA is also restructuring and strengthening the business of Djakarta Lloyd and VTP so that in the future they can become part of the BUMN logistics ecosystem. Including handling Amarta Karya and Indah Karya.

After homologation was achieved in September 2023, Amarta Karya is currently refocusing the steelworks business to have cash flow that is sustainable. Meanwhile, Indah Karya is currently in the collective restructuring process through several option settlement obligations with a focus on its core business.

"The restructuring of SOEs entrusted to management is a real commitment of PPA to contribute to efforts to transform SOEs in the last four years. Therefore, we hope that the support from all parties so that this restructuring process can run well, so that this SOE Titip Kelola can have a positive impact on the economy and society," Teguh concluded.