Antara News·Indonesia·Friday, November 13, 2026 at 03:26 PM UTC

Indonesia targets December completion of Whoosh share transfer review

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Shofi Ayudiana, Uyu Liman

Jakarta (ANTARA) - The Indonesian government aims to complete the due diligence process for the planned transfer of state consortium PT Pilar Sinergi BUMN Indonesia (PSBI)’s shares in PT Kereta Cepat Indonesia China (KCIC) by December 2026.

KCIC is the developer and operator of the Indonesia-China high-speed railway project, known as Whoosh. PSBI holds a 60 percent stake in KCIC, while a Chinese consortium owns the remaining 40 percent. The government plans to transfer PSBI’s stake to the Ministry of Finance.

The ministry’s Director General of State Assets, Evita Manthovani, said in Jakarta on Friday that the government was coordinating with the State-Owned Enterprises Management Agency (BP BUMN), sovereign wealth fund Danantara Indonesia, and the Transportation Ministry to facilitate the share transfer.

The process includes due diligence, share valuation, and the preparation of the necessary legal framework. The government is also drafting a presidential regulation in parallel to allow the various procedures to proceed simultaneously.

“We aim to complete this due diligence in December 2026,” Manthovani said.

She noted that the findings of the due diligence review would serve as the basis for the draft presidential regulation governing the share transfer.

Manthovani emphasized that the Indonesian government would ensure Whoosh services continued operating without disruption and that the project’s financial obligations were managed prudently without directly burdening the state budget.

Regarding possible adjustments to the project’s financing tenor, she said the government was awaiting the findings and recommendations of the due diligence review.

“In principle, the government respects the financing agreement with the China Development Bank (CDB). Any financing arrangements and strategic measures we take will be managed carefully, prudently, and in accordance with applicable regulations,” she said.

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