The SOE Work Merger Plan Has Been Postponed To 2026, Financial Conditions Are In The Spotlight

Danantara's Chief Operating Officer (COO), Dony Oskaria (Photo: Mery Handayani/VOI)

JAKARTA - The merger or merger of BUMN Karya will be carried out in 2026. Initially, the massive reshuffle was targeted to be completed by the end of this year.

The seven BUMN works to be consolidated are PT Hutama Karya (Persero); PT Waskita Karya (Persero) Tbk; PT Wijaya Karya (Persero) Tbk; PT Adhi Karya (Persero) Tbk; PT PP (Persero) Tbk; PT Brantas Abipraya (Persero); and PT Nindya Karya (Persero).

Danantara's Chief Operating Officer (COO), Dony Oskaria said the BUMN merger of works is not possible to be carried out this year.

"We will carry over to next year. It's not finished this year. Especially for the work not finished this year," said Dony at the office of the Coordinating Ministry for the Economy, Jakarta, Wednesday, November 26.

Dony explained that the main problem that hinders the merger process is the financial condition of the BUMN work which is considered deep enough and requires first handling before entering the consolidation stage.

"Earlier, the restructuring was from the debts first. So their financial problems are quite deep in these works. We also have to be transparent to the public. Our works face quite deep financial problems so far," said Dony.

Dony said, his party will prioritize consolidation of companies that face the most severe financial pressure. Therefore, the merger of Brantas Abipraya and Nindya Karya will not be carried out in the early stages.

"Not yet. In fact, what we will do is first improve the financial condition of companies that are facing financial problems. Well, if Nindya and Brantas are relatively financial, they are not in trouble," he said.

In addition, Dony has not been able to detail the consolidation scheme that the government will choose. He was reluctant to respond to rumors of the merger between Hutama Karya and Waskita and WIKA, as well as the discourse on the merger of PP with Adhi Karya, as well as Nindya Karya with Brantas Abipraya.

"I don't know yet. So there are several alternative scenarios. We'll let you know later," said Dony.

Dony said, the consolidation stage will begin with the financial improvement of each BUMN work, including the impairment step or decrease in asset value.

After that, continued Dony, there will be a grouping of BUMN works based on a scenario that is considered the most strengthening of the industrial position.

"So we will first improve the financial condition in the stage. And in it there will also be an impact later. Then after that we will group it out based on which scenario then provide reinforcement between these SOEs. We will do this," said Dony.