REPUBLIKA.CO.ID, JAKARTA -- The Investment Management Agency (BPI) Daya Anagata Nusantara (Danantara) plans to reduce the number of State-Owned Enterprises (SOEs) along with their subsidiaries. Danantara Managing Director, Febriany Eddy, said the policy aims to streamline the current number, now reaching around 1,000 SOEs and subsidiaries, down to 200 entities.
“One of our problems is that SOEs have far too many subsidiaries. They’ve diversified everywhere in all kinds of ways,” Febri said at Wisma Danantara, Jakarta, Friday (14/11/2025).
Febri explained that Danantara will form a dedicated team under Danantara Asset Management (DAM) to review and map out the SOEs. According to her, Danantara may shut down SOEs that are unprofitable or no longer aligned with today’s ecosystem.
“If you look at it now, we have more than a thousand direct and indirect SOEs. Almost half of them are experiencing losses,” she said.
Febri noted that many SOEs were established without consideration for current developments. She also pointed out how easy it used to be to create SOE subsidiaries, often without regard for their profitability.
“So subsidiaries that provide no benefit, or were created in a context that no longer applies today, must be removed. We will consolidate, and whatever cannot be consolidated will be liquidated,” she added.
According to Febri, the excessive number of SOEs has also led to internal cannibalization, with companies competing against one another, for instance, seven SOE contractors bidding for the same project.
“When all seven submit bids, they end up competing against each other. It’s absurd. We undermine each other just to win the job by lowering prices. Eventually, there’s no margin left. This is very unhealthy,” she explained.
Therefore, Febri said, Danantara will reassess the entire SOE landscape. Several options are on the table, including consolidation, privatization, and liquidation.
“Our hope is that in the coming years we will focus on 200 SOEs that truly operate in strategic sectors and deliver value and benefits for the country,” Febri said.
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