Update on SOE Construction Merger: These Companies to be Merged First

The Investment Management Agency of Daya Anagata Nusantara (BPI Danantara) has disclosed the latest developments regarding the planned consolidation of state-owned enterprises (SOEs) in the construction sector. Several state-owned construction firms will be merged as part of the SOE streamlining programme.

The Head of the SOE Agency and COO of Danantara, Dony Oskaria, stated that the merger process will commence with several companies deemed easier to consolidate. He identified PT PP (Persero) Tbk (PTPP), PT Adhi Karya (Persero) Tbk (ADHI), Brantas Abipraya, and PT Nindya Karya (Persero) as the primary candidates for the initial phase.

“The merger of PP, Adhi Karya, and then also Brantas and Nindya Karya, is what we will complete. These are the easiest to merge,” said Dony when met in Jakarta on Friday (2/10/2026). “Therefore, we will begin with these mergers first, before moving on to those that require restructuring.”

Dony further explained that the process will subsequently involve PT Wijaya Karya (Persero) Tbk (WIKA) and PT Waskita Karya (Persero) Tbk (WSKT), as they require more intensive handling. These two companies are considered to need greater restructuring efforts, particularly regarding their financial conditions, assets, and corporate liabilities.

“There are WIKA and Waskita, especially WIKA and Waskita. As for Hutama Karya, they are healthy. So, only WIKA and Waskita will present challenges,” he explained.

Dony added that the management of WIKA and Waskita will encompass corporate restructuring, investment in owned assets, and efforts to reduce debt burdens. “Because it requires effort from us to perform restructuring, invest in their assets, and reduce their debt, the remainder will be restructured,” he concluded.