How many state-owned enterprises (SOEs) are there?

At the end of 2016, the number of State-Owned Enterprises (SOEs) in Indonesia stood at 118 companies, a decrease of 24 companies compared to the 142 companies in 2012. The formation of holding companies in the plantation sector and the merger of several state-owned companies have streamlined the number of SOEs.

The government also plans to merge three mining companies – PT Antam Tbk, PT Bukit Asam Tbk, and PT Timah Tbk – with PT Freeport Indonesia, under the holding company PT Indonesia Asahan Aluminium (Inalum). Before the merger, the government held a 65 percent stake in the three SOE mining companies and a 9.38 percent stake in Freeport. After the merger, these three mining SOEs will cease to be independent SOEs and become subsidiaries.

Following the formation of the holding company, government ownership in the three SOE mining companies and Freeport Indonesia will be transferred to PT Inalum. In return, the government will receive shares in PT Inalum through the conversion of its shares in the three SOE mining companies and Freeport Indonesia.