Jakarta, CNBC Indonesia – The Ministry of BUMN issued a new regulation to support the implementation of transferring BUMN assets to the Sovereign Wealth Fund (SWF) – Indonesia Investment Authority (INA). So that BUMN assets can now be sold to this newly formed investment management institution.
This is stated in the Regulation of the Minister of BUMN No. PER-03 / MBU / 03/2021 which was promulgated on March 29, 2021. This regulation is the third amendment to PER-02 / MBU / 2010 which regulates the Procedures for Write-Off and Transfer of BUMN’s Fixed Assets.
The regulation is written to support the optimization of the implementation of the objectives of the investment management institution, based on the Employment Creation Act, through the transfer of assets belonging to SOEs to SWF-INA.
So that the transfer by way of sales can be carried out, if it meets one of these requirements.
- Technically and / or economically it is no longer profitable for BUMN if its existence is maintained.
- Technically or economically, there are alternatives or other substitutes that are more profitable for BUMN
- Provisions for the public interest in accordance with the provisions of legislation and RUTR/RUTRWK that have been approved in accordance with the provisions of legislation.
- Required by ministries or state / government agencies in the context of carrying out the duties and functions of the state or government.
- Part of the BUMN restructuring and restructuring program
- Required by an investment management institution established under Law Number 11 of 2022 concerning Job Creation, either directly or indirectly, for joint ventures formed by LPI, as regulated in Government Regulation Number 74 of 2020 concerning
- Investment Management Institution.
- The only alternative source of funds for BUMN for urgent needs.
In the regulation, it is stated that sales can be made as long as this has a good impact on BUMN. In addition, sales can also be made by appointment with several conditions.
- Two times the limited offer was made but it did not sell
- Intended for the public interest
There are certain circumstances which cause fixed assets to be sold only to one particular party and not to be sold to
- the other party
- Service houses sold to legal occupants (when designated for sale to legal occupants)
- Service vehicles sold to legal wearers (when designated for sale to legal wearers)
- Sales are made to other SOEs or BUMN subsidiaries whose shares are 90% more owned by BUMN
- Sales are made to government ministries or agencies / states in the context of implementing the duties and functions of the state or government or;
- Sales are made to the Investment Management Institution established under Law Number 11 of 2020 concerning Job Creation, either directly or indirectly to joint ventures formed by the Investment Management Institution as regulated in the Regulation
- Government Number 74 of 2020
- “The joint venture as referred to in Article 5 Paragraph 1 letter f and Article 9 letter H is a company which most of its shares are owned by LPI or a company controlled by LPI,” writes Article 9A.
From CNBC Indonesia’s records, there are many toll roads that want to be invested in this LPI. now the sale of BUMN assets can be made more legitimate with this regulation.
Several toll roads that are being sold are, for example, the Trans Sumatra Toll Road owned by Hutama Karya (Persero), such as, Medan – Binjai, Bakauheni – Palembang, Pekanbaru – Dumai.
Jasa Marga (Persero) tbk will offer toll road assets for Medan – Kualanamu – Tebing Tinggi, Jakarta – Cikampek II Elevated (Mohammed Bin Zayed), Semarang – Batang, Gempol – Pandaan, Pandaan – Malang, Gempol Pasuruan, Balikpapan – Samarinda, Manado – Bitung, and Bali Mandara.
Meanwhile, Waskita Karya (Persero) Tbk will offer the Cimanggis-Cibitung, Cibitung-Cilincing, Ciawi-Sukabumi, Depok-Antasari, Cinere-Serpong and Kanci-Pejagan toll roads. Furthermore, there are Pejagan-Pemalang, Pemalang-Batang, Batang-Semarang, Pasuruan-Probolinggo and Krian-Legundi-Bunder.
(hps / hps)