BUMN Karya Restructuring Enters Final Stage; Consolidation Phase Next
The Head of BP BUMN and CEO of Danantara Asset Management, Dony Oskaria, has affirmed that the restructuring process of BUMN Karya is nearly final. The statement was made by Dony at Manggarai Station in Jakarta on Monday, 16 March 2026.
Oskaria explained that restructuring represents the initial step before BUMN Karya advances to a consolidation phase focused on three core business units: building construction, infrastructure, and engineering procurement and construction (EPC). He elaborated that restructuring begins with fundamental improvements to the company, particularly through financial statement impairment adjustments.
“They (BUMN Karya) are already undergoing restructuring and are nearly complete. We have already conducted impairment adjustments to address balance sheet gaps. Subsequently, we are restructuring their debt obligations. After this, they will enter the consolidation phase,” Dony stated in written remarks in Jakarta on Monday, 16 March 2026.
Following restructuring to improve the company’s fundamentals, the next stage is consolidation. He indicated that consolidation is conducted by examining the competency of each BUMN against the three designated core business areas.
“In this consolidation phase that I mentioned earlier, we assess compatibility. We will allocate each entity to one of three major groups. Some will be in infrastructure, some in building and facilities, and some in EPC,” Dony explained.
With fundamental improvements and consolidation efforts, Dony is optimistic that BUMN Karya’s future will become increasingly promising.
“Hopefully, this year we will have SOEs that are healthy and, most importantly, with governance that we expect to improve significantly,” he added.
Dony emphasised that BUMN Karya is moving towards consolidation with a spirit of transparency. Each BUMN, according to Dony, is open to oversight.
“Journalists, please continue monitoring. If anything is amiss or incorrect, please report it immediately. That is fine. It is a form of our control over SOEs that belong to the people,” Dony stressed.
Consolidation of Logistics SOEs
The merger of SOEs in the logistics sector will also be completed in the first semester of 2026. Dony stated that PT Pos, serving as the anchor of SOEs in the logistics sector, will be strengthened through the consolidation of several logistics subsidiaries from state enterprises, such as Semen Logistik, Pupuk Logistik, Angkasa Pura Logistik, and KAI Logistik. He explained that this consolidation aims to create a strong and efficient logistics ecosystem for SOEs.
“Because we have so many subsidiary companies operating in the logistics sector, we want to make it more efficient, better, and stronger; therefore, the next step is merger,” Dony stated in written remarks in Jakarta on Monday, 16 March 2026.
Dony indicated that the logistics SOE consolidation is planned for completion in the first semester of this year. Beginning with the restructuring of the board of directors at PT Pos, which has already been completed, the consolidation process of all logistics sector SOEs is now underway.
“So we are moving directly forward, God willing, hopefully within the next four months it will be complete. It is still targeted for completion in the first semester,” Dony said.
Dony explained that the principle underlying SOE optimisation efforts is to create more effective and efficient business operations. This optimisation includes consolidation among other strategies.
“After conducting a fundamental business review across all our companies, the results show four approaches. First, some entities will be liquidated; second, some will be divested; third, consolidation will occur; and fourth, restructuring will be implemented,” he continued.
In the logistics sector, optimisation through consolidation is viewed as strengthening the SOE’s role not only within the domestic logistics ecosystem but also regionally. This simultaneously ensures smoother distribution channels from suppliers to the public.