Antara News·Indonesia·Friday, October 9, 2026 at 05:16 PM UTC

Indonesia drafts decree to transfer Whoosh shares to Finance Ministry

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Bayu Saputra, Uyu Liman

Jakarta (ANTARA) - The Indonesian government is finalizing a presidential regulation to transfer shares of PT Pilar Sinergi BUMN Indonesia (PSBI) — the local consortium behind the Jakarta–Bandung High-Speed Train, known as Whoosh — to the Ministry of Finance.

The ministry’s Director General of State Assets, Evita Manthovani, said the regulation is being formulated jointly with relevant ministries and institutions, including the State-Owned Enterprises Management Agency (BP BUMN) and the sovereign wealth fund Danantara Indonesia.

"The government is currently drafting a legal framework in the form of a presidential regulation to support the long-term sustainability of the Jakarta–Bandung High-Speed Train through the transfer of PSBI shares to the government, specifically to the Ministry of Finance," Manthovani said here on Friday.

She explained that the regulation will govern a comprehensive and prudent restructuring of Whoosh’s financial liabilities while ensuring uninterrupted passenger service on the flagship railway line.

According to Manthovani, the drafting process is anchored by two core priorities: maintaining seamless day-to-day operations to support public mobility, and managing the project's financial obligations carefully to protect the fiscal health of the state budget.

She noted that the upcoming regulation is expected to provide legal certainty by clearly delineating the roles, rights, and responsibilities of all stakeholders involved in the equity transfer.

"Once this share transfer proceeds, it will be supported by sound, prudent, effective, integrated, and accountable governance in accordance with statutory provisions, thereby better guaranteeing the sustainability of the Jakarta–Bandung High-Speed Train," Manthovani emphasized.

Under the planned transition, the Finance Ministry will assume control of Indonesia’s 60 percent majority stake in PT Kereta Cepat Indonesia China (KCIC), the joint venture operating Whoosh.

The remaining 40 percent stake will continue to be held by the Chinese consortium, Beijing Yawan HSR Co. Ltd.

Going forward, the high-speed rail asset is slated to be managed via a Special Mission Vehicle (SMV) under the Finance Ministry, a structure intended to separate the project's commercial liabilities and prevent direct fiscal exposure to the state budget.

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