Antara News·Indonesia·Friday, September 18, 2026 at 09:30 AM

Finance Ministry to acquire 60 percent stake in Whoosh train operator

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Putu Indah Savitri, Yashinta Difa

Jakarta (ANTARA) - The Indonesian government is in the final stages of acquiring a 60 percent stake in PT Kereta Cepat Indonesia China (KCIC)—the consortium operating the Whoosh high-speed rail line—via the Finance Ministry.

The ministry’s Director General of State Assets, Evita Manthovani, stated that the transfer of ownership of the state-backed consortium PT Pilar Sinergi BUMN Indonesia (PSBI) shares to the central government is targeted for completion by mid-September 2026.

“The Finance Ministry is currently conducting due diligence and evaluating the value of the PSBI shares to be transferred,” Evita said during a press conference in Jakarta on Friday.

The 60 percent stake was previously held by a consortium of state-owned enterprises—comprising PT KAI, PT Wijaya Karya, PT Jasa Marga, and PTPN III—under PT PSBI.

The remaining 40 percent stake in KCIC will continue to be held by the Chinese consortium, Beijing Yawan HSR Co. Ltd.

Evita emphasized that the scheme was designed to avoid direct State Budget outlays to fulfill PT PSBI's obligations.

She noted that a Presidential Regulation is being drafted alongside coordination with investment management agency Danantara Indonesia and the State-Owned Enterprises Management Agency (BP BUMN).

Under the restructuring scheme, the Finance Ministry acquires the equity participation from Danantara Indonesia at no upfront cost—assuming responsibility for future debt servicing of the Jakarta-Bandung High-Speed Railway.

The debt restructuring establishes an annual installment scheme of approximately Rp1 trillion (around US$56.7 million) over an 80-year term, which will be managed through a designated Special Mission Vehicle (SMV) or Public Service Agency (BLU).

In a separate statement, Danantara Indonesia CEO and Investment Minister Rosan Roeslani confirmed that the management transfer remains on track despite the leadership transition at the Finance Ministry from Purbaya Yudhi Sadewa to Suahasil Nazara.

Rosan noted that he has communicated with Suahasil to ensure active programs proceed without interruption.

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