PGUN comments on Prabowo's new export state-owned enterprise

PGUN, a listed company owned by Haji Isam, has commented on the government’s plan to establish a specialised state-owned enterprise for exports via PT Danantara Sumber Daya Indonesia (DSI). Management stated it respects and complies with all government policies regarding the upcoming regulation on natural resource export governance. However, PGUN clarified it does not engage in direct exports, as its primary products— crude palm oil (CPO) and palm kernel— are sold to affiliated companies and domestic customers. These include PT Jhonlin Agro Raya Tbk (JARR) for biodiesel raw materials and PT Kodeco Agrojaya Mandiri (KAM) for further processing into crude palm kernel oil (CPKO). ‘The policy has no material impact on the company’s continuity as it does not conduct direct export sales’, according to an Indonesia StockExchange (IDX) disclosure on 28 May 2026. The firm also confirmed no material operational or financial impact, including on revenue, profits, cash flows, or existing agreements with customers. PGUN further stated there are no material legal risks or breach of contract concerns arising from the policy. Regarding mitigation, the company has no specific corporate actions planned but will monitor developments and adjust as necessary. Previously, President Prabowo Subianto’s administration formed PT Danantara to regulate exports of strategic natural resources like coal, palm oil, and ferro alloys. Government communication advisor Fithra Faisal cited that Indonesia lost approximately Rp 15.4 trillion in state revenue between 1991 and 2024 due to under invoicing and transfer pricing in commodity exports.