Bakrie and Sinar Mas Mining Companies Comment on New State-Owned Export Enterprise

Jakarta, CNBC Indonesia - Mining listed companies owned by Bakrie Group and Sinar Mas Group have commented on the government’s plan to implement a single-channel natural resource export system through the new state-owned enterprise PT Danantara Sumber Daya Indonesia (DSI).

The government is drafting a Government Regulation (PP) on Natural Resource Export Governance. Separately, PT Bumi Resources Tbk. (BUMI), owned by Bakrie, and PT Golden Energy Mines Tbk. (GEMS), owned by Sinar Mas, have provided explanations on the potential impact of the plan on their operations.

BUMI Director R.A. Sri Dharmayanti stated the company had learned of the government’s plan to form a special SOE for natural resource exports through media reports but had not yet received the PP on Natural Resource Governance. “Therefore, the Company cannot yet provide explanations on its stance regarding matters to be regulated in the PP or its impact on the Company,” Sri stated in a disclosure released on Friday, 25 May 2026.

Meanwhile, GEMS Corporate Secretary Sudin said the company is reviewing the government’s policy plan and implementing measures to adjust to the full export mechanism effective 1 January 2027. “The Company is actively monitoring and following developments regarding the implementation of the Natural Resource Export Governance PP to conduct a deeper analysis of its impact on business continuity, operational activities, and other effects,” Sudin stated in a disclosure released on Friday, 25 May 2026.

Regarding strategy, Sinar Mas’ subsidiary owned by the Widjaja family is planning mitigation measures for the initial phase of the policy starting 1 June 2026, in line with the set requirements. GEMS will continue periodic reviews of all aspects to be better prepared for full implementation on 1 January 2027.

Previously, analysts assessed that the formation of DSI could negatively affect mining companies’ share prices and performance. This centralisation is specifically designed as a marketing facility to eliminate underpayment practices, transfer pricing, and ensure optimal absorption of export earnings within the domestic financial system.

However, the policy is also seen as a challenge for commodity-listed companies, particularly coal miners already subject to the Domestic Market Obligation (DMO).

Capital market analyst Reydi Octa assessed that the SOE export plan could have mixed effects on mining companies, especially coal. He said company performance might be pressured, with short-term sentiment leaning negative.

On one hand, the government aims to strengthen control, export bargaining power, and rupiah stability. On the other, the market worries that a highly centralised mechanism could reduce exporters’ flexibility.

“If implemented in a way that prolongs bureaucracy or restricts export sales flexibility, company margins and cash flow could be affected. In terms of shares, short-term sentiment may remain mixed to negative as investors await technical details of the policy,” Reydi told CNBC Indonesia on Wednesday, 20 May 2026.

Economist Dipo Satria Ramli highlighted concerns over the policy’s execution, including potential profit reduction for businesses, leading to lower valuations.

“This could trigger sell-offs in the capital market among affected companies. Hopefully the government has accounted for this,” Dipo told CNBC Indonesia on Wednesday, 20 May 2026.