JAKARTADAILY.ID – The Ministry of BUMN (State-Owned Enterprises) has reaffirmed its commitment to the consolidation process for the restructuring of BUMN Karya.
The ministry emphasized that three key areas will be the focus of efforts to ensure the health of BUMN Karya, based on the findings of the Boston Consulting Group (BCG) consultant.
"As I have mentioned before, the work that will be undertaken for BUMN Karya is consolidation. From the beginning, there has been a roadmap in collaboration with the Boston Consulting Group. We have identified three key areas to study," stated Minister of State-Owned Enterprises, Erick Thohir, during a media briefing at the Ministry of BUMN Office in Jakarta on Thursday, May 25, 2023.
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According to Erick, the first finding by BCG is related to the challenge of securing short-term financing for long-term projects. This issue has resulted in project financing gaps that cannot be adequately covered.
Erick added, "Secondly, we are refocusing BUMN Karya to engage in businesses that align with their expertise. BUMN Karya should not operate without focus. They should not respond to every request or adopt the 'Palugada' principle."
Furthermore, Erick emphasized the need to address the third area, which is the tendency of BUMN Karya to expand its business into sectors outside its expertise, such as the property industry.
"This is what we aim to consolidate and rectify," stated Erick.
The Ministry of BUMN has already developed a Blueprint to organize the activities of BUMN Karya. However, implementing the blueprint will require some time.
One aspect outlined in the Blueprint is to ensure the progress of the BUMN-BUMN Karya merger process, primarily for BUMN Karya under Danareksa.
"Danareksa consists of smaller entities. However, larger SOEs, such as Hutama Karya, will synergize with Waskita Karya. PT PP will collaborate with Wijaya Karya. The merger has not taken place yet, but subsidiaries will be formed to strengthen cash flow," explained Erick.
Regarding Adhi Karya, Erick highlighted the improved performance of BUMN Karya, stating, "Adhi Karya possesses valuable assets."
Erick also addressed the financing aspect of infrastructure projects assigned to BUMN Karya. These projects, such as road construction, contribute to the reduction of logistics costs.