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TEMPO.CO, Jakarta - Indonesian President Prabowo Subianto will launch the Sovereign Wealth Fund Management Agency, Danantara Investment Authority (BPI Danantara), on Monday, February 24. The announcement was first made at the virtual World Governments Summit 2025 in Dubai, United Arab Emirates (UAE), on Friday, February 14, 2025.
Previously, Danantara Head Muliaman Darmansyah Hadad stated that seven State-Owned Enterprises (SOEs) will join the sovereign wealth fund. The seven companies are:
1. PT Pertamina (Persero)
PT Pertamina (Persero) or Pertamina was first established on December 10, 1957, under the name of Permina, which stands for PT Perusahaan Minyak Nasional. Then in 1960, PT Pertamina changed its ownership status to become a State Company (PN) Permina. On August 20, 1968, PN Permina eventually became Pertamina (State Oil and Natural Gas Mining Company).
The government regulates Pertamina's role and duties through Law No. 8 of 1971. According to this regulation, Pertamina is tasked with producing and managing oil and natural gas from oil fields, as well as meeting the fuel and gas needs across Indonesia.
Currently, Pertamina oversees 6 companies, namely PT Pertamina Hulu Energi (upstream subholding), PT Perusahaan Gas Negara (subholding gas), and PT Kilang Pertamina International (refinery & petrochemical subholding).
Furthermore, there is also PT Pertamina Power Indonesia (power & NRE subholding), PT Patra Niaga (commercial & trading subholding), and PT Pertamina International Shipping (integrated marine logistics subholding).
2. Mining Industry Indonesia (MIND ID)
MIND ID is the Indonesian Mining Industry State-Owned Enterprises Holding formed in November 2017. This Indonesian mining giant is composed of PT ANTAM Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT INALUM, and PT Timah Tbk.
MIND.ID was established by the Indonesian government as the parent company for Aneka Tambang, Bukit Asam, Freeport Indonesia, Inalum, Timah, and Vale Indonesia.
3. PT PLN (Persero)
PT Perusahaan Listrik Negara (Persero) or commonly known as PLN, is a state-owned enterprise engaged in the electricity sector. PLN's history dates back to October 27, 1945, when President Soekarno formed the Electricity and Gas Department under the Ministry of Public Works and Energy to manage power plants. At that time, PLN managed power plants with a total capacity of 157.5 MW.
PLN officially became a Limited Liability Company PT Perusahaan Listrik Negara or abbreviated as PT PLN (Persero) based on deed number 169 dated July 30, 1994, from Sutjipto, a Notary. The holding company oversees 11 subsidiaries, including PT PLN Indonesia Power, PT PLN Nusantara Power, PT PLN Energi Primer Indonesia, PT PLN Icon Plus, PT PLN Batam, PT PLN Tarakan, PT Haleyora Power, PT PLN Enjiniring, PT Energy Management Indonesia, and PT Mandau Cipta Tenaga Nusantara, and Majapahit Holding BV.
4. PT Telkom Indonesia
PT Telkom Indonesia is a state-owned enterprise engaged in the information and communication sector. The company has a long history dating back to 1882. It officially became a limited liability company in 1991 based on Government Regulation No. 25 of 1991.
The company oversees several subsidiaries, including PT Telekomunikasi Selular (Telkomsel), PT Sigma Cipta Caraka, PT Multimedia Nusantara, PT Telkom Satelit Indonesia (Telkomsat), and PT PINS Indonesia.
Furthermore, there are also PT Metra-Net, PT Telekomunikasi Indonesia International, PT Telekomunikasi Infrastruktur Indonesia (TIF), PT Dayamitra Telekomunikasi Tbk, and PT Graha Sarana Duta.
5. BBRI
PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) or BRI is the oldest commercial bank in Indonesia established in 1895 during the Dutch colonial period. The company operates in the commercial banking sector and is majority-owned by the Indonesian government.
Subsidiaries affiliated with BRI include PT BRI Remittance Co Ltd, PT. Asuransi BRI Life, PT. Bank Rakyat Indonesia Agroniaga Tbk, PT. Bank Syariah Indonesia Tbk, PT. BRI Asuransi Indonesia, PT. BRI Danareksa Sekuritas, PT. BRI Multifinance Indonesia, and PT. BRI Ventura Investama.
6. BNI
PT Bank Negara Indonesia (Persero) or BNI was initially established in Indonesia as the central bank under the name "Bank Negara Indonesia" in 1946. In its journey, in 1996, BNI became the first state-owned bank to be listed on the Indonesia Stock Exchange (now Indonesia Stock Exchange), which was then the Jakarta Stock Exchange.
BNI oversees 7 subsidiaries, including BNI Finance, BNI Sekuritas, BNI Life, BNI Remittance, BNI Asset Management, Hibank, and BNI Ventures.
7. Mandiri
PT Bank Mandiri or Mandiri was officially established in 1999. Mandiri was the result of a merger of four government banks, namely Bank Bumi Daya, Bank Dagang Negara, Bank Ekspor Impor Indonesia, and Bank Pembangunan Indonesia.
Currently, the company oversees 9 subsidiaries such as Bank Syariah Indonesia, Bank Mandiri Europe Ltd, Mandiri Taspen, Axxa Mandiri Financial Service, Mandiri Sekuritas, Mandiri Capital Indonesia, Mandiri Tunas Finance, and Mandiri International Remittance.
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