September 9, 2026 | 04:00 pm
The Whoosh high-speed train, Jakarta, March 19, 2026. Tempo/Imam Sukamto
TEMPO.CO, Jakarta - The plan to transfer Pilar Sinergi BUMN Indonesia's (PSBI) stake in Kereta Cepat Indonesia China (KCIC) to the Ministry of Finance has pleased Wijaya Karya Company Secretary Ngatemin. In his view, the transfer would free Wijaya Karya (WIKA) from further losses stemming from the Jakarta-Bandung high-speed railway, or Whoosh.Ngatemin said the transfer was in line with instructions from the Danantara Investment Management Agency, WIKA's majority shareholder, for the construction company to return to its core business. "The company is now focused on carrying out a comprehensive restructuring process," he told Tempo on Thursday, September 3, 2026.PSBI, which controls 60 percent of KCIC, is a consortium of state-owned enterprises (SOEs). Besides WIKA, which holds a 33.36 percent stake, its members are Kereta Api Indonesia with a 58.53 percent stake, and Jasa Marga with 1.03 percent. The remaining 40 percent of KCIC is controlled by a consortium of Chinese companies, Beijing Yawan HSR Co. Ltd.WIKA's stake, which once made it the lead member of the PSBI consortium, has steadily declined as its capital contributions have been reduced. The participation, according to former WIKA Chief Executive Officer Agung Budi Waskito, has required the company to absorb losses of Rp1.7-1.8 trillion (around US$96.3-102 million) a year.Read the Complete Story in Tempo English Magazine
