12 State-Owned Enterprises (SOEs) to Receive Rp 72.44 Trillion in PMN in 2022

The Ministry of State-Owned Enterprises (SOEs) proposed Rp 72.44 trillion (approximately USD 4.9 billion) in State Capital Injection (PMN) to 12 SOEs in 2022. PT Hutama Karya (Persero) is slated to receive the largest PMN, at Rp 31.35 trillion (approximately USD 2.1 billion), to be used for the construction of the Trans-Sumatra Toll Road.

The next largest recipient is PT Aviasi Pariwisata Indonesia (Persero), receiving Rp 9.31 trillion (approximately USD 630 million) for capital strengthening as part of restructuring, development of tourism and aviation infrastructure, land acquisition, and completion of Special Economic Zone (KEK) projects.

PT Perusahaan Listrik Negara (Persero) (PLN) is proposed to receive Rp 8.23 trillion (approximately USD 550 million) to finance infrastructure funding programs, construct transmission substations, and expand rural electricity distribution for 2021-2022.

PMN is also proposed for PT Bank Negara Indonesia (Persero) Tbk (BNI) and PT Kereta Api Indonesia (Persero), at Rp 7 trillion (approximately USD 470 million) and Rp 4.1 trillion (approximately USD 275 million) respectively. PT Waskita Karya (Persero) Tbk is proposed to receive Rp 3 trillion (approximately USD 200 million).

Furthermore, PT Bahana Pembinaan Usaha Indonesia (Persero) (BPUI), PT Adhi Karya (Persero) Tbk, Perum Perumnas, and PT Bank Tabungan Negara (Persero) Tbk (BTN) are proposed to receive Rp 2 trillion (approximately USD 135 million) each. Finally, PT Rajawali Nusantara Indonesia (Persero) and Perum Damri are proposed to receive Rp 1.2 trillion (approximately USD 80 million) and Rp 250 billion (approximately USD 17 million) respectively.

Minister of SOEs Erick Tohir stated that PMN is one of the instruments needed by SOEs to carry out government assignments. Furthermore, Erick added that the value of the PMN provided is significantly smaller than the SOEs' contribution to the state.