Erick Thohir to Dissolve 7 State-Owned Enterprises (SOEs): Which Ones?

The Minister of State-Owned Enterprises (SOEs), Erick Thohir, has dissolved three SOEs. These three companies are PT Kertas Kraft Aceh (Persero), PT Iglas (Persero), and PT Industri Sandang Nusantara (Persero).

Erick Thohir will also dissolve four SOEs under the Danareksa-PPA Holding, namely PT Merpati Nusantara Airlines (Persero), PT Istaka Karya (Persero), PT Kertas Leces (Persero), and PT Pembiayaan Armanda Niaga Nasional (Persero) or PANN.

According to Erick Thohir, these dissolved SOEs have been non-operational for a long time and there is no certainty for their employees.

Based on data from the Ministry of Finance, the three dissolved SOEs recorded net losses in 2020. IGLAS recorded a net loss of Rp1.33 trillion and negative equity of Rp1.19 trillion. Kertas Kraft Aceh had a net loss of Rp1.9 trillion and negative equity of Rp1.1 trillion. Similarly, Industri Sandang Nusantara recorded a net loss of Rp226 billion and equity of only Rp161 billion.

Similarly, the four SOEs to be dissolved also recorded net losses. Merpati Nusantara recorded a net loss of Rp8.78 trillion, PANN Rp3.54 trillion, Kertas Leces Rp1.76 trillion, and Istaka Karya Rp668 billion.

Of the seven SOEs under the Danareksa-PPA Holding, Merpati has the deepest negative equity, reaching Rp6.77 trillion. Followed by PANN with negative equity of Rp3.29 trillion.