Indonesia sets December 2026 target for Whoosh stake review
The government plans to transfer PSBI’s 60 per cent stake in the railway operator to the Ministry of Finance.
A due diligence review ahead of a planned change in ownership of Indonesia’s Whoosh railway operator is targeted for completion by December 2026, said Evita Manthovani, the Ministry of Finance’s Director General of State Assets.
The proposed transaction would put the ministry in control of the 60 per cent holding owned by state consortium PT Pilar Sinergi BUMN Indonesia (PSBI). The operator, PT Kereta Cepat Indonesia China (KCIC), develops and runs the Indonesia-China high-speed railway. Its remaining 40 per cent belongs to a Chinese consortium.
Manthovani said government coordination on the transfer involved the Transportation Ministry, sovereign wealth fund Danantara Indonesia and the State-Owned Enterprises Management Agency (BP BUMN). Preparations cover a valuation of the shares and the legal framework, alongside due diligence.
A presidential regulation is being prepared concurrently so the procedures can advance together. The review’s conclusions will provide the basis for that draft regulation, she said.
Manthovani said the government would ensure uninterrupted Whoosh operations and prudent management of its financial obligations without directly burdening the state budget. Possible changes to the financing tenor would depend on the review’s findings and recommendations. She also said the government respected its agreement with China Development Bank and would approach financing arrangements and strategic steps cautiously and within applicable regulations.
