Indonesia prepares regulation to transfer Whoosh shares to Ministry of Finance

The Indonesian government is preparing a Presidential Regulation (Perpres) to transfer ownership of PT Pilar Sinergi BUMN Indonesia (PSBI) to the Ministry of Finance. This move aims to manage the financial obligations of the Jakarta-Bandung high-speed railway project, known as Whoosh, while protecting the state budget (APBN) and the financial health of involved state-owned enterprises.

Evita Manthovani, Director General of State Assets at the Ministry of Finance, stated that the regulation is being finalized in coordination with relevant ministries and agencies, including the State-Owned Enterprises Regulatory Agency and the Danantara Investment Management Agency. The regulation is intended to provide a clear legal basis for the transfer of shares, defining the roles, rights, and obligations of all parties involved.

Currently, PT Kereta Cepat Indonesia China (KCIC), the operator of Whoosh, is owned by a consortium consisting of 60 percent from the Indonesian state-owned enterprise consortium through PSBI and 40 percent from a Chinese railway consortium via Beijing Yawan HSR Co. Ltd. The government intends to ensure that the transfer allows for prudent, effective, and accountable management to guarantee the long-term sustainability of the high-speed rail service.