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Jakarta Post

‘Superholding’ put on hold

  • Nezar Patria and Riska Rahman

    The Jakarta Post

Jakarta   /   Fri, August 16 2019   /  12:18 am

Once touted as a way for Indonesian state firms to go global, President Joko “Jokowi” Widodo has signaled he is backpedaling on a plan to set up a “superholding” company of state firms in the mold 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 backseat on superholding plan...