Business · Companies · 12 hrs ago
Indonesia Targets December 2026 Review of Whoosh Share Transfer
Indonesia’s Finance Ministry says a review of the planned Whoosh share transfer should finish by December 2026.
The plan concerns shares in PT Kereta Cepat Indonesia China, the company that operates the Whoosh high-speed railway.
State-owned companies hold their stake through the PSBI consortium, which owns 60% of the operator, while a Chinese consortium owns the other 40%.
The review will assess the shares’ valuation and legal arrangements, and its findings will help shape a draft presidential regulation for the transfer.
The ministry says Whoosh services are to continue without disruption during the ownership transition.
The effect on project debt, including any restructuring, remains unclear until the review is complete, while the government says it will honor existing financing agreements with China Development Bank.
Indonesia’s Finance Ministry is targeting December 2026 to complete due diligence on transferring state-owned shares in the Whoosh high-speed rail operator to the government.
The review covers the valuation of the shares and preparation of a legal basis for the transfer.
The ministry is preparing a draft presidential regulation in parallel, using the due diligence findings to strengthen it.
Officials say Whoosh services should continue without disruption during the ownership transition.
The government says it will manage related financial obligations carefully and respect existing financing agreements with China Development Bank.
- Who
- Indonesia’s Finance Ministry is leading the review, with other government bodies involved.
- What
- The government is reviewing the transfer of PT Pilar Sinergi BUMN Indonesia’s shares in PT Kereta Cepat Indonesia China to the government.
- When
- Due diligence is targeted for completion in December 2026.
- Where
- Indonesia; the announcement was made at the Finance Ministry in Jakarta.
- Why
- The review will inform the legal basis for the share transfer and help guide decisions on financing and related obligations.
This story does not have two clearly opposing sides.
Danantara and the Finance Ministry discussed transferring the state-owned consortium’s shares in KCIC to the government.
The Finance Ministry said due diligence and preparation of a draft presidential regulation were under way.
The ministry is targeting completion of the due diligence.
- Due diligence target
- December 2026
- Shares under review
- PT Pilar Sinergi BUMN Indonesia’s shares in PT Kereta Cepat Indonesia China
- Current PSBI stake in KCIC
- 60%
- Other KCIC stake
- 40%, held by a Chinese consortium
- Draft legal instrument
- Presidential regulation
2 sources
What people are saying
We are targeting completion of this due diligence in December 2026.
In principle, the government respects the financing agreements that have been agreed with CDB.