🧠 Food for thought

Implications, context, and why it matters.

• Traditional Badan Usaha Milik Negara (BUMN, state-owned enterprises) dividends flow to the state budget as non-tax revenue 1. Danantara (Badan Pengelola Investasi Daya Anagata Nusantara, a state investment holding company) reinvests instead of Anggaran Pendapatan dan Belanja Negara (APBN, the state budget) allocation 1.
• Undang-Undang Badan Usaha Milik Negara (UU BUMN, the State-Owned Enterprises Law) No. 1/2025 and Peraturan Pemerintah (PP, Government Regulation) No. 10/2025 lock in the shift 1. They let investment holding companies manage dividends, issue bonds, or lend to operating holdings, BUMN, or subsidiaries 1.
• The government keeps control through series A dwiwarna shares (special “golden” shares held by the state) 2. The shares allow approval of shareholder meetings, set strategy, or appoint directors with presidential sign-off 2.
• Rosan Roeslani, Danantara’s CEO, set a five-year target of Rp 750 trillion 3. Meeting it needs contributions beyond the roughly 10 biggest payers such as Pertamina, state banks, or Telkom 3.

• Danantara will place 60% of direct investments in large, long-term projects 4. Eight priority sectors cover downstream processing (value-added processing of raw commodities), renewable energy, healthcare, plus technology 4.
• Waste-to-energy projects (converting municipal waste into electricity or heat) will launch in 10 cities by end-2025, with over 120 consortiums interested as Danantara screens firms for technical or financial strength 5.
• Japan Bank for International Cooperation (JBIC) and Danantara will fund renewable energy projects, while the remaining 40% goes to quick-win pipelines with private partners, opening near-term procurement for faster deployment 64.