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Jakarta Post

Jokowi backpedals on state firm ‘superholding’

  • Nezar Patria and Riska Rahman

    The Jakarta Post

Jakarta   /   Thu, August 15, 2019   /  05:35 pm
The Jakarta Post Image
The office of the State-Owned Enterprises (SOEs) Ministry is seen in this file picture. (Kontan/Ahmad Fauzie)

Once touted as a way for Indonesian state firms to go global, President Joko “Jokowi” Widodo has signaled he’s backpedaling on a plan to set up a superholding company of state firms, the local version of Singapore’s Temasek or Malaysia’s Khazanah. Jokowi told a group of chief editors that the government was currently assessing the best business model for state firms to become more efficient and profitable, as some have struggled to keep afloat as they need to remain commercially viable and profitable while providing a public service at the same time. “A superholding may not be the best option. Look at the performance of Temasek and Khazanah. They’re also having problems in the latest economic conditions. We will try to look out for a new mechanism and study the developments,” Jokowi said on Wednesday. The President taking a ba...