Danantara Replaces State Capital Injection Scheme, Ready to Inject Equity from SOE Dividends
Jakarta — The government has officially abolished the State Capital Injection (Penyertaan Modal Negara or PMN) scheme for both state-owned and private companies. This marks a strategic shift in national funding policy, now relying on the Daya Anagata Nusantara Investment Management Agency (BPI Danantara) as the new source of equity financing—without depending on the State Budget (APBN).
Danantara’s Chief Operating Officer (COO), Dony Oskaria, stated that moving forward, there will be no more capital injections through PMN. However, companies will still be able to meet their capital needs through equity injections funded by dividends from state-owned enterprises (SOEs) managed by Danantara.
“In the past, equity came from the government via the state budget. Now, it comes from Danantara—through the dividends we manage from SOEs. So, if a company needs additional capital, it will come from Danantara,” Dony explained.
This year, Danantara is expected to manage approximately IDR 150 trillion in SOE dividends. These funds will be allocated to sustainable, value-added projects that support national economic development.
“Of course, these dividends are contributions from all SOEs, which will then become our investment capital. The total is around IDR 150 trillion,” said Dony.
He emphasized that all processes will be conducted professionally and transparently, with no room for collusion or backroom deals.
“I don’t see any room for collusion, because the entire process is very clear, professional, and well-structured—including each stage of the equity injection. Danantara operates with full transparency,” he added.
Capital injections will be based on a thorough assessment of business plans, industry conditions, and strict parameters.
“We assess based on the company’s business plan, its industry, and we apply strict criteria for any equity injection provided,” Dony said.
This policy shift is supported by the revocation of Government Regulation (PP) No. 34 of 2022 by President Prabowo Subianto, replaced with PP No. 20 of 2025.
“Government Regulation No. 34 of 2022 concerning the Addition of State Capital in PT Waskita Karya Tbk is hereby revoked and declared no longer valid,” states Article 1 of PP No. 20/2025.
Meanwhile, Danantara CEO Rosan Roeslani underscored the critical role of investment in driving economic growth, noting that investment contributes 29% to GDP, second only to household consumption at 53%.
“Investment is a crucial component of national economic growth, accounting for around 29%—after household consumption at 53%,” Rosan stated.
In the past decade, Indonesia has recorded a total investment of IDR 9,100 trillion and is targeting IDR 13,000 trillion in the next five years. To support this goal, Danantara will manage assets up to IDR 15,000 trillion.
“Dividends that previously went directly into the state treasury can now be used for investments in industrial sectors that create quality jobs,” he added.
Rosan estimates that Danantara will generate a profit of approximately US$7 billion—or around IDR 120–150 trillion—this year.
“Danantara will serve as a bridge to boost foreign investor confidence. With the capital we manage, we can leverage investments up to four to five times the initial value,” he said.
With the elimination of the PMN scheme and dividend management under Danantara, Indonesia’s funding model enters a new era—one that is more independent, efficient, and focused on long-term economic growth.
