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🇮🇩 Indonesia /Energy & Infrastructure

Finance Ministry to Take Over 60% of Whoosh Shares, Target Completion September 2026

From Republika · () Indonesian

Translated from Indonesian, summarized and contextualized by DistantNews.

At a glance

News Named sources Ongoing story
  • Indonesia's Ministry of Finance will take over 60% of Whoosh high-speed train shares from PT Kereta Cepat Indonesia China (KCIC).
  • The transfer, expected by mid-September 2026, will place the majority stake under a Special Mission Vehicle (SMV) managed by the Ministry of Finance.
  • This move aims to manage the high-speed train's finances without directly burdening the state budget, while China remains interested in further cooperation and potential route expansions.

Indonesia's Ministry of Finance is set to acquire a 60% stake in the Whoosh high-speed train, currently held by PT Kereta Cepat Indonesia China (KCIC). The transfer of this majority ownership, previously controlled by a state-owned enterprise consortium (PSBI), is anticipated to be finalized by mid-September 2026.

The first discussion is about the Jakarta-Bandung High-Speed Train (KCJB). This will be handed over from Danantara kasih to the Ministry of Finance. We will speed it up, maybe by mid-September it will be clear.

— Purbaya Yudhi SadewaMinister of Finance Purbaya Yudhi Sadewa announcing the transfer of Whoosh shares.

Minister of Finance Purbaya Yudhi Sadewa announced that the Whoosh train operations will be managed through a Special Mission Vehicle (SMV) under the Ministry of Finance. This financial structure is designed to prevent the high-speed train project from becoming a direct burden on the state budget. Purbaya emphasized that the management will be handled by the Ministry, though a state-owned enterprise's SMV will be utilized for operational oversight.

Transferred to the Ministry of Finance, managed by me, all of KCIC. But later we will use one of the SOE hands, our Fiscal SMV, to manage it. We have many, there are SMVs, there are others, and others. So it won't be a direct responsibility of the APBN.

— Purbaya Yudhi SadewaExplaining the management structure of the Whoosh high-speed train.

"It will be transferred to the Ministry of Finance, managed by me, all of KCIC. But later we will use one of the SOE hands, our Fiscal SMV, to manage it," Purbaya stated. He clarified that the 60% stake will no longer be under PT Kereta Api Indonesia (Persero) or the PSBI consortium, which includes PT Wijaya Karya (Persero) Tbk, PT Jasa Marga (Persero) Tbk, and PT Perkebunan Nusantara VIII.

Not (under KAI).

— Purbaya Yudhi SadewaClarifying that the stake will no longer be under PT Kereta Api Indonesia.

Under the new scheme, operational financing and future obligations of KCIC will be covered by dividends and business profits from the Ministry of Finance's SMVs. Purbaya also indicated that Chinese partners remain interested in continuing the collaboration and that the Ministry is open to expanding the high-speed train route to East Java. The specific SMV entity to manage the KCIC shares is still under discussion, with indications that more than one institution might be involved.

No, SMV has profits too, right, partly from that. That's roughly the rough picture.

— Purbaya Yudhi SadewaDescribing the financing mechanism for KCIC.
DistantNews Editorial

Originally published by Republika in Indonesian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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