August 6, 2026 | 10:24 am
TEMPO.CO, Jakarta – Indonesia's Finance Ministry will assume ownership of a 60 percent stake in PT Kereta Cepat Indonesia China (KCIC), the operator of the Jakarta-Bandung Whoosh high-speed railway, with the transfer expected to be completed by mid-September 2026.
Finance Minister Purbaya Yudhi Sadewa said on Wednesday that the majority stake, currently held by the state-owned enterprise consortium PT Pilar Sinergi BUMN Indonesia (PSBI), will be transferred to the Finance Ministry. The remaining 40 percent will continue to be owned by the Chinese consortium Beijing Yawan HSR Co. Ltd.
"The first issue we discussed was the Jakarta-Bandung High-Speed Railway. It will be transferred from Danantara to the Finance Ministry. We will accelerate the process, and it should be completed by around mid-September," Purbaya told reporters at the ministry's office in Jakarta.
Purbaya said the government's stake in KCIC will be managed through one or more Special Mission Vehicles (SMVs)under the Finance Ministry, rather than directly through the state budget.
"KCIC will be transferred to the Finance Ministry and managed under my supervision. We will use one of our fiscal SMVs to manage it. We have several SMVs, so it will not become a direct burden on the state budget," he said.
The minister confirmed that the 60 percent stake will no longer be held by state railway operator PT Kereta Api Indonesia (KAI) or PSBI, whose members include KAI, PT Wijaya Karya (WIKA), PT Jasa Marga, and PT Perkebunan Nusantara VIII (PTPN VIII).
"The stake will be under my authority, not KAI," Purbaya said.
He added that KCIC's future operational costs and financial obligations would be covered through dividends and profits generated by the Finance Ministry's SMVs, rather than through direct government spending.
"The SMVs generate profits, and part of those returns can be used. That's the broad picture," he said.
Purbaya also said the Chinese side remains committed to the partnership despite the ownership restructuring. He added that the government is open to expanding the high-speed railway network beyond Bandung, with the possibility of extending the line to East Java.
"They are still involved. Sixty percent will belong to us, while the remaining 40 percent will still be held by the Chinese partner," he said.
The Finance Ministry has yet to determine which SMV or SMVs will manage the KCIC stake. Purbaya said discussions are ongoing, although more than one entity is expected to be appointed.
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