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Government to inject capital of Rp44.89 trillion to 23 SOEs


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JAKARTA (TheInsiderStories) – The Indonesia government is proposing capital injection of Rp 47.88 trillion ($3.61 billion) to 23 state-owned enterprises (SOEs) in the 2016 Revised State Budget, said Finance Minister Bambang Brodjonegoro at a hearing with the House of Representative (DPR) on Monday.

He explained, the SOEs need more capital to finance the development of infrastructure projects and other priority national development set by the government. He added that the SOEs that will receive a higher state capital injection is PT Perusahaan Listrik Negara (PLN), which is poised to receive in cash up to Rp 10 trillion and non-cash Rp13.56 trillion in order to help realize the 35,000 Megawatt (MW) power plant project target in 2019.

“With the additional capital, PLN’s assets would increase to Rp300 trillion and its equity will also increase, therefore the company will have larger capacity borrow funds to finance its power plant projects across Indonesia,” the minister said.

CEO of PLN Sofyan Basyir stressed that the capital injection (PMN) will help increase PLN’s customers by 9.6 percent per year, add electricity distribution hub at cost of Rp5 trillion as well as help build infrastructure and power projects, village electricity program as well as increase equity in a number of power projects, such as PLTGU Tanjung Priok Rp1.56 trillion, PLTGU Muara Karang Rp 700 billion, PLTG Lombok Peaker Rp 200 billion dan PLTG/Mini Gas in border islands Rp6.56 trillion and diesel fuel power plants (PLTD) at Rp2.0 trillion. All the projects, Sofyan said, have total costs of Rp76.96 trillion.

Other companies that will receive additional capital would be construction firms, namely PT Wijaya Karya Tbk (IDX: WIKA) and PT Hutama Karya, with Rp 3.0 trillion each. The other largest injection goes to the State Logistics Agency (BULOG) Rp 2.0 trillion, airport operator PT Angkasa Pura II Rp 2.0 trillion, PT Pembangunan Perumahan Tbk (IDX: PTPP) Rp 2.0 trillion, PT Krakatau Steel Tbk (IDX: KRAS) Rp 1.5 trillion, PT Jasa Marga Tbk (IDX: JSMR) Rp 1.25 trillion and PT Industri Kereta Api Rp 1.0 trillion.

Meanwhile, the Rp 64.82 trillion in state capital injections that were approved in February are still being disbursed to 40 intended SOEs, with four firms expected to receive their share by the end of October.

Meanwhile, in other meeting with the House’ Commission XI, the House Commission approved the capital injection for state firm under finance ministry amounting to Rp 33.03 trillion. The special unit for the State Asset Management will get Rp16 trillion, BPJS Kesehatan Rp 6.83 trillion, PT Sarana Multi Infrastruktur Rp 4.16 trillion, Indonesian Eximbank Rp4.0 trillion, PT Sarana Multigriya Financial Rp 1 trillion and PT Penjaminan Infrastruktur Indonesia Rp 1 trillion.

List of capital injection in cash worth Rp 31.75 trillion :

  1. PT Perusahaan Listrik Negara Rp 10.0 trillion
  2. PT Hutama Karya Rp 3.0 trillion
  3. PT Wijaya Karya Tbk Rp 3.0 trillion
  4. PT Angkasa Pura II Rp 2.0 trillion
  5. PT Pembangunan Perumahan Tbk Rp 2.25 trillion
  6. Perum Bulog Rp 2.0 trillion
  7. PT Krakatau Steel Tbk Rp 1.5 trillion
  8. PT Jasa Marga Tbk Rp 1.25 trillion
  9. PT Industri Kereta Api Rp 1.0 trillion
  10. PT Pelindo III Rp1.0 trillion
  11. PT Barata Indonesia Rp 500 billion
  12. PT Asuransi Kredit Indonesia Rp 500 billion
  13. PT Bahana PUI Rp 500 billion
  14. PT Perusahaan Perdagangan Indonesia Rp 500 billion
  15. PT Pertani Rp 500 billion
  16. Perum Perumnas Rp 250 billion 

List of capital injection Non Cash Rp 16.13 trillion:

  1. PLN Rp 13.56 trillion
  2. PT Krakatau Steel Tbk Rp 965.49 billion
  3. PT Rajawali Nusantara Indonesia Rp 692.53 billion
  4. PT Pelni Rp 564.81 billion
  5. Perum Perumnas Rp 235.41 billion
  6. PT Perkebunan Nusantara VIII Rp 32.78 billion
  7. PT Amarta Karya Rp 32.15 billion
  8. PT Perikanan Nusantara Rp 29.40 billion
  9. PT Perkebunan Nusantara I Rp 25.05 billion

List of State firms under Finance Ministry’s office:

  1. BLU Manajemen Aset Negara Rp16 trillion
  2. BPJS Kesehatan Rp 6.87 trillion
  3. PT Sarana Multi Infrastruktur Rp 4.16 trillion
  4. Lembaga Pembiayaan Export Indonesia Rp4.0 trillion
  5. PT Sarana Multigriya Financial Rp 1 trillion
  6. PT Penjaminan Infrastruktur Indonesia Rp 1 trillion


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Source: The Insiderstories
Government to inject capital of Rp44.89 trillion to 23 SOEs

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