JAKARTA - Danantara's Chief Operating Officer (COO) Dony Oskaria said that State-Owned Enterprises (BUMN) would not receive any more injections of state capital participation funds (PMN).
Dony explained that PMN for state-owned companies was abolished because dividends were no longer deposited with the Ministry of Finance (Kemenkeu). Now, he continued, SOE dividends will be managed by Danantara.
"There is no more PMN," he said at the IKA Fikom Unpad Executive Breaking Meeting in the First Quarter of the Danantara, in the City Forests, Plataran, Jakarta, Wednesday, June 18.
Dony said that initially all BUMN shares were owned by the Ministry of Finance, dividend deposits were also given to the state treasurer. Therefore, the PMN scheme for SOEs is provided through the State Revenue and Expenditure Budget (APBN) approved by the Indonesian House of Representatives (DPR).
"For example, if we want to help Indofarma, we have to submit another PMN. We submit it again to Commission VI of the DPR, Commission XI of the DPR, then to the Ministry of Finance, for example submitting IDR 1 trillion, not necessarily a decrease of IDR 1 trillion. As a result what? It is difficult for our company to face problems for survival, "he said.
However, continued Dony, now all state-owned shares are owned by Danantara. So all dividends are given to the agency and managed by Danantara Asset Management. The scheme for providing PMN for state-owned companies has changed along with the presence of Danantara.
Dony said that all state-owned assets are now managed by Danantara, including with dividends, so capital injections for state-owned companies will be given directly by Danantara, no longer relying on the state budget.
Therefore, Dony faced this scheme so that it could facilitate the stages to help the difficulties of state-owned companies. This includes encouraging SOEs to balance their business.
"So PMN is an additional state capital, actually equity. In the past, the equity was by the government, now the equity is by Danantara. But in the past it was included through the state budget, now by Danantara through processing results rather than SOEs," he said.
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Even so, Dony said, later giving capital injections to SOEs would go through a more layered and comprehensive evaluation-based business process conducted by Danantara.
"Today, all state-owned companies can get additional equity if they have a proper business model. Good business plan. Then good organizational capabilities," he said.
The CEO can be presented to us, then we see that this is proper, this is true then we inject equity for earlier improvements and make the SOEs healthy. So this is the most fundamental difference," he continued.
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