The Government of the Republic of Indonesia has taken a strategic legal step to optimize the management of State-Owned Enterprises (SOEs) through the issuance of Government Regulation Number 15 of 2025 concerning the Addition of State Capital Participation into the Share Capital of PT Biro Klasifikasi Indonesia (Persero). This regulation reflects the implementation of SOE transformation policy, particularly within the framework of establishing an operational holding for state investments.
This regulation is based on:
- Law Number 19 of 2003 concerning State-Owned Enterprises, as amended several times, most recently by Law Number 1 of 2025;
- Article 4 paragraph (1) of the 1945 Constitution of the Republic of Indonesia;
- Transitional provisions of the Omnibus Law on Job Creation and the Law on the Development and Strengthening of the Financial Sector (UU PPSK), which reinforce the direction of institutional and investment transformation.
Government Regulation Number 15 of 2025 regulates the addition of state capital participation into the share capital of PT Biro Klasifikasi Indonesia (Persero), or PT BKI. This capital injection originates from the transfer of state-owned shares in several strategic SOEs, including:
- PT Pertamina (Persero);
- PT PLN (Persero);
- PT Telkom Indonesia (Persero) Tbk;
- PT Bank Rakyat Indonesia (Persero) Tbk;
- PT Bank Negara Indonesia (Persero) Tbk;
- PT MIND ID, PT KAI (Persero), PTPN III, and others.
This transfer is non-cash in nature and constitutes an asset revaluation aimed at strengthening the capital structure of the SOEs. The state retains ownership of the Series A Dwiwarna (golden share), which carries special rights, thereby ensuring government control remains intact.
The objectives of this capital participation include:
- Supporting government programs to optimize SOE management;
- Improving PT BKI’s capital structure;
- Enhancing PT BKI’s business capacity;
- Preparing PT BKI as an operational holding entity;
- Stimulating national economic growth.
PT BKI will serve as the parent company of an operational holding entity named BPI Danantara (Badan Pengelola Investasi Daya Anagata Nusantara). This holding entity will carry out cross-sectoral investments in a professional and centralized manner, akin to sovereign wealth funds in other countries. With its background as a classification and certification institution, PT BKI is regarded as a neutral party capable of bridging various SOE entities.
This initiative is expected to improve SOE management efficiency, strengthen valuation, and simplify the investment structure. From a legal standpoint, it reinforces the principle of separation of state assets as stipulated in Article 1 paragraph (2) of the SOE Law and affirms the state’s role as the authority over separated state assets.
Government Regulation No. 15 of 2025 serves as a crucial legal instrument in shaping adaptive and sustainable SOE governance. By mandating PT BKI as the operational holding, the government not only consolidates state assets but also enhances Indonesia’s position in the global investment landscape.
For legal assistance from SW Counselors at Law, please contact
Fanny
T. (+6221) 2222-0200
Bella
T. (+6221) 2222-0200
