Pos Indonesia Settles Sukuk Obligations, Public Policy Observer Commends Move

Amid negative rumours, PT Pos Indonesia (Persero) has completed its obligation to pay the sixth instalment of the ijarah return for the Sustainable Ijarah Sukuk I Pos Indonesia Phase I Year 2024 Series A-C, valued at Rp 24.118 billion. This step has drawn appreciation from academic circles. Dr. Iswadi, M.Pd, an academic and public policy observer, assessed that the payment made on 24 July 2026 was a tangible manifestation of PT Pos Indonesia’s commitment as a State-Owned Enterprise (BUMN) to fulfil its responsibilities to all stakeholders. He considered that the settlement of the obligation shows that PT Pos Indonesia remains consistent in upholding institutional integrity as a BUMN entrusted by the state, despite having faced cash flow dynamics that caused a delay in the sixth period payment from its original schedule. “What is important to see from this event is how PT Pos Indonesia addressed the challenge in a responsible manner. There were cash flow dynamics that caused a payment delay, and that can happen to any large BUMN in a dynamic economic condition. What matters is how the company responded. We saw that PT Pos Indonesia took the right path, namely by disclosing information to the public and immediately settling the obligation as soon as it was possible,” he said on Wednesday (29/7). He also gave an appreciative note on PT Pos Indonesia’s decision to pay not only the principal of the sukuk yield obligation but also compensation for the loss due to the payment delay. According to him, this step demonstrates a fair and fully responsible attitude from the company. “What I appreciate most is PT Pos Indonesia’s decision to also pay compensation for the delay. This is not an obligation without financial consequences for the company, yet it was carried out promptly. In the study of good corporate governance, this kind of attitude is what distinguishes an institution that merely complies with minimum rules from one that possesses a consciousness of integrity. PT Pos Indonesia chose the latter position, and that deserves recognition,” he explained. Iswadi also highlighted PT Pos Indonesia’s compliance with the principle of information disclosure as mandated by the Financial Services Authority Regulation (POJK) Number 31/POJK.04/2015 concerning Disclosure of Material Information or Facts by Issuers or Public Companies. According to him, all developments regarding the sukuk payment process were conveyed transparently to regulators, investors, and the public, in accordance with the applicable regulatory corridor. “The principle of information disclosure shown by PT Pos Indonesia is one of the main pillars of good corporate governance. In accordance with POJK 31 of 2015, all material developments must be conveyed to the public, and that is what the company did from the beginning until the completion of this obligation. The public could follow the process transparently. This should be the standard for all BUMNs and issuers in the Indonesian capital market,” he said. In the context of public policy, Iswadi continued, the responsibility of a BUMN to holders of financial instruments such as sukuk has a broader dimension than merely fulfilling financial obligations. Every decision a BUMN makes in settling its obligations carries implications for public trust in state institutions in general. “BUMNs are the face of the state in the economic realm. When a BUMN fulfils its obligations in a responsible, transparent manner, accompanied by compensation when there is a delay, it is a message that strengthens public trust in the integrity of state institutions. Sukuk holders get their rights, the public gets correct information, and the Indonesian capital market receives a signal that the rules of the game are being enforced seriously. All parties benefit,” he asserted. This event, he stressed, is also an important momentum for PT Pos Indonesia to continue strengthening its corporate governance, particularly in terms of cash flow planning and communication with stakeholders. The appreciation conveyed today is a recognition of the company’s responsible attitude, as well as an encouragement for the company to continue being an example of a BUMN operating with the highest standards.