Jakarta. State-Owned Enterprises (SOEs) Minister Erick Thohir announced on Saturday that he plans to transfer assets from all 47 SOEs, valued at approximately $909 billion, to the newly established sovereign wealth fund Danantara.

Currently, Danantara manages seven major SOEs: Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI), Bank Mandiri, Mind ID (mining), PLN (electricity), Pertamina (energy), and Telkom (telecommunications).

The amended State-Owned Enterprises Law mandates that Danantara will eventually oversee the operations, dividend distribution, investments, and asset management of all SOEs.

“We are planning a major reform and restructuring of SOEs. It makes sense to transfer all state-owned companies to Danantara, not just these seven,” Erick said.

He added that consolidating oversight under a single authority would enhance transparency and accountability in managing SOE assets.

“I am fully committed to transforming SOEs into efficient and financially healthy business entities. I don’t believe in doing things halfway,” he said.

Under the law, Erick also serves as chairman of Danantara’s oversight committee. Despite Danantara’s expanding role, he assured that his ministry will continue working to improve professionalism in SOE management.

During his five-year tenure as SOE minister, Erick noted that combined SOE profits have exceeded Rp 310 trillion per year.