Head of the SOE Supervisory Agency and COO of Danantara Indonesia, Dony Oskaria, targets collective SOE profits in 2026 to reach Rp340–350 trillion, up from the 2025 estimate of Rp280–285 trillion. This target is driven by Danantara’s strategy to manage SOEs more effectively, efficiently, and professionally through comprehensive fundamental assessments covering business models, cost structures, market conditions, and internal capabilities.
The review results form the basis for selective consolidation to strengthen long-term competitiveness, including plans to streamline 15 SOE insurance companies into three entities. Dony is optimistic that, with evidence-based consolidation and strong execution commitment, SOEs under Danantara can accelerate performance and achieve the 2026 profit target.
Kontan, January 29, 2026
Perminas to Take Over Martabe Mine from Agincourt Resources
The newly established state-owned mineral company, PT Perminas (Perusahaan Mineral Nasional) Persero, will take over ownership of the Martabe Gold Mine, previously managed by PT Agincourt Resources, a subsidiary of PT United Tractors Tbk. The transfer follows the revocation of permits for 28 companies by the Forest Area Control Task Force (Satgas PKH) after hydrometeorological disasters in Aceh, North Sumatra, and West Sumatra in November 2025.
COO of the Daya Anagata Nusantara Investment Authority, Doni Oskaria, stated that forestry permits will be transferred to Perum Perhutani, while Agincourt’s mining permit will be reassigned to Perminas, which operates under Danantara and is separate from MIND ID.
Kontan, January 28, 2026
Government Accelerates IDX Demutualization to Strengthen Capital Market Governance
Coordinating Minister for Economic Affairs Airlangga Hartarto stated that the government will accelerate the demutualization of the Indonesia Stock Exchange (IDX) in response to market pressure following MSCI sentiment and rating outlook downgrades from UBS and Goldman Sachs.
The demutualization is targeted to begin this year in line with the P2SK Law mandate, aiming to reduce conflicts of interest between exchange management and members, improve governance, and open investment opportunities, including from Danantara Indonesia. The government is also encouraging an increase in free float from 7.5% to 15% in line with MSCI standards, with the Financial Services Authority (OJK) targeting completion of the demutualization process by the first half of 2026.
Tempo, January 30, 2026
BPH Migas Cuts 2026 Subsidized Fuel Quotas for Pertalite and Diesel
BPH Migas has set lower subsidized fuel quotas for 2026. Pertalite quota will decline by 6.28% to 29.27 million kiloliters, while subsidized diesel will fall by 1.32% to 18.64 million kiloliters, as stated by BPH Migas Head Wahyudi Anas during a hearing with Parliament. Meanwhile, the kerosene quota will increase slightly by 0.19% to 526 thousand kiloliters.
This adjustment aligns with strengthened monitoring of subsidized fuel distribution, which in 2025 generated savings of approximately Rp4.9 trillion, particularly from Pertalite and diesel, as actual distribution remained below the state budget ceiling and was better targeted.
Antara, January 27, 2026
Global M&A Activity Surges 40% in 2025 and Implications for Indonesia
Global merger and acquisition (M&A) transaction value surged 40% to US$4.9 trillion in 2025 and is expected to remain strong in 2026, with 80% of executives projecting sustained or increased activity, according to a Bain & Company report.
Economists from LPEM FEB University of Indonesia assess that the direct impact on Indonesia is relatively limited. However, increasing global market concentration could redirect investment flows to specific regions. Domestically, the manufacturing sector is considered most exposed due to its high integration with global markets, highlighting the need to enhance competitiveness amid intensifying competition.
Kontan, January 28, 2026
Government Ends Electric Motorcycle Incentives in 2026, Car Incentives Under Review
Industry Minister Agus Gumiwang Kartasasmita confirmed that the government will not provide purchase incentives for electric motorcycles in 2026 due to fiscal considerations and cost–benefit assessments that are deemed not yet optimal for the broader economy. The policy is intended to eliminate market speculation and allow electric motorcycle sales to proceed without a wait-and-see attitude. Incentives may be reconsidered in 2027.
Meanwhile, incentives for electric cars are still under technical discussion with the Ministry of Finance, with a more targeted scheme covering technology aspects, vehicle segments, pricing, and local content requirements (TKDN).
Kontan, January 29, 2026
Government Raises Pension Fund and Insurance Investment Limit in Capital Market to 20%
Coordinating Minister for Economic Affairs Airlangga Hartarto stated that the government will increase the investment limit for pension funds and insurance companies in the capital market from 8% to 20% to strengthen the credibility and liquidity of Indonesia’s capital market in the eyes of global investors.
This policy, discussed with the Minister of Finance, will be aligned with practices in OECD countries and is viewed as a strong signal that Indonesia’s economic fundamentals remain solid. The measure also responds to MSCI evaluations and IHSG volatility, reaffirming the government’s commitment to maintaining emerging market standards and adopting global best practices to make the national capital market more robust, transparent, and competitive.
Kontan, January 30, 2026