Jakarta, CNBC Indonesia \u2014 The Daya Anagata Nusantara Investment\nManagement Agency (BPI Danantara) has confirmed that the merger of\nstate-owned enterprises (SOEs) in the construction sector will be\ncompleted this year. It is reported that two publicly listed companies,\nPT Adhi Karya (Persero) Tbk. (ADHI) and PT PP (Persero) Tbk. (PTPP),\nwill be merged.<\/p>\n
Chief Operating Officer of BPI Danantara Dony Oskaria revealed that\nthe merger process for the construction SOEs is still under review. This\nmeans the plan for grouping the companies to be merged is still subject\nto change.<\/p>\n
\u201cOh, it has not been determined yet (the merger between PTPP and\nADHI) either. We will see later, and it is also not certain whether it\nwill be ADHI and PP and so forth,\u201d he said when met at the DPR RI\nbuilding in Jakarta on Monday (31\/8\/2026).<\/p>\n
Dony, who also serves as Head of BP BUMN, stressed that the most\nimportant aspect of this consolidation action is to rehabilitate the\nstate-owned companies.<\/p>\n
\u201cSo we will see; the important thing is that there will be\nconsolidation of our construction companies in the context of a rescue\nand rehabilitation process,\u201d he said.<\/p>\n
Previously, President Director of PTPP Novel Arsyad revealed that the\ncompany had made a number of preparations regarding the planned merger\nof construction SOEs. For this effort, he acknowledged that PTPP had\ncommunicated intensively with Adhi Karya.<\/p>\n
\u201cBefore carrying out the integration of construction SOEs or the\nmerger to be conducted by Danantara, what is certainly desired is how we\nensure full transparency and a more detailed evaluation before the\nmerger is carried out,\u201d Novel said during the 2025 financial year\nearnings call on Tuesday (7\/4\/2026).<\/p>\n
Novel detailed that this step is a mandate from Danantara for\nconstruction SOEs to return to their core business, namely construction.\nOther businesses must be resolved promptly, whether through investment\nchanges or other business measures.<\/p>\n
\u201cSo that it truly returns purely to the core business with a\nsufficiently lean organisation. Then, as we move in that direction, we\nmust accelerate our strategy by making one-off adjustments, which are\nreflected in our financial statements,\u201d Novel explained.<\/p>\n
In addition, PTPP also carried out significant asset impairment in\nits 2025 financial statements as a form of transparency regarding its\nfundamental condition.<\/p>\n
Meanwhile, PTPP Finance Director Agus Purbianto added that this book\nvalue adjustment is a critical phase that must be passed before\nrestructuring and consolidation are carried out.<\/p>\n
With the presentation of fair asset values, it is hoped that the\nmerger process will not leave hidden burdens for the new entity\nlater.<\/p>\n
\u201cAfter the books reflect fair value, the next stage is restructuring.\nOf course, after the restructuring is complete, we will be merged. This\nis part of the initial stages,\u201d Agus said on the same occasion.<\/p>\n
The synchronisation measures are also accompanied by an\norganisational streamlining strategy and the divestment of non-core\nassets, or asset recycling.<\/p>\n
For information, in addition to impairment of certain assets in\nsubsidiary entities, PTPP also established an allowance for impairment\nlosses on receivables and adjusted inventory values, as part of\nstrengthening asset quality and implementing more prudent risk\nmanagement.<\/p>\n
These measures are part of applying the precautionary principle,\nstrengthening corporate governance, and adjusting to industry dynamics.\nThis does not reflect any problems in the company\u2019s operational\nmanagement.<\/p>\n
The policy has put pressure on the company\u2019s consolidated financial\nperformance for the 2025 reporting period. Nevertheless, management\nemphasised that this step is part of the company\u2019s strategy to\nstrengthen its financial fundamentals in the long term.<\/p>\n
This is also part of the overall process of restructuring and\nstrengthening the company\u2019s financial structure to ensure business\nsustainability and improve performance quality in the future.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/danantara-chief-reveals-latest-on-state-owned-construction-firm-merger-1788177085", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }