Jokowi Waits For Sri Mulyani About The Signature Of Government Regulation For Holding Ultra Micro

Minister of Finance Sri Mulyani Indrawati. (Photo: Doc. Antara)

JAKARTA - Minister of Finance, Sri Mulyani Indrawati, said that the Government Regulation (PP) for Holding Ultra Micro was just waiting for President Joko Widodo's (Jokowi) signature.

"The holding permit for the Ultramicro BUMN (State-Owned Corporation) has been completed and only the initials from the ministers will be signed by the President, it's just a process going forward", said Minister of Finance, Sri Mulyani in a statement in Jakarta, quoted from Antara, Tuesday, June 22.

Minister Sri Mulyani ensured that the holding involving PT Bank Rakyat Indonesia (Persero) Tbk. or BRI, PT Pegadaian (Persero), and PT Permodalan Nasional Madani (Persero) or PNM, will not have a negative impact on the business of the three state-owned companies.

He even emphasized that the BUMN Ultra Micro (UMi) holding would maintain the advantages of each company, so that there would be no 'cannibalization' of the company after the integration.

"Later on, monitoring or contracting performance will be carried out with the new management, so that they can actually realize the claims that were conveyed during the discussion, namely this is a synergy of three complementary business models, not 'cannibals' or merging each other", said Sri Mulyani.

Sri Mulyani said the existence of the holding actually strengthened the business of each company. Moreover, because of the existing strength of BRI as a bank with the widest network and great ability to raise low-cost funds.

According to him, the integration of SOEs for UMi and MSMEs will apply the co-existence model. Synergy and mutualism symbiosis between the three companies will be guarded by the establishment of strict Key Performance Indicators (KPI).

"So it's a synergy or mutualism that doesn't take over each other. We will realize this form of co-existence in the form of KPIs, which were from the management side and the Ministry of SOEs promising that their work model will actually be strengthened", she said

Based on the calculation of the Ministry of Finance, after the formation of the BUMN UMi holding, the total assets of BRI will increase by 1.5 percent. Then, the ability of the three companies will also be greater to reach up to 29 million UMi and MSME business actors who have not been served by formal or unbankable financial institutions.

"This will be the focus for us to provide this support. We have also consulted with OJK and they said they support this step", he said.

Previously, BRI had published information disclosure through the stock exchange authority. BRI became the holding company for state-owned enterprises in the UMi sector, which began with the implementation of Capital Increase with Pre-emptive Rights (PMHMED).

The implementation of BRI's PMHMED will be followed by the government which has Pre-emptive Rights (HMETD) and will be used to transfer its shares in Pegadaian and PNM (Madani National Capital) to BRI.

The government's Series B shares in Pegadaian will be handed over the amount to 6,249.9999 shares or 99.9 percent. Then, 1,299,999 Series B shares or the equivalent of 99.9 percent in PNM will also be transferred by the government.

After the holding is formed, the state still has one red and white series A share in Pegadaian and PNM which is called the golden share. The establishment of the holding is carried out to integrate the capabilities of each company to better serve ultra-micro, micro, small and medium enterprises (MSMEs).

In addition to providing comprehensive financing services, the ultra micro holding will provide access to deposits, payments, and investments for prospective customers or customers who are already registered with the three companies.