Jakarta. State-owned construction firm PP (PTPP) announced plans to divest stakes in two of its subsidiaries worth a total of Rp 1.7 trillion ($101.6 million), as part of its strategy to streamline its business portfolio and concentrate on core operations.

The company will sell 81 percent ownership, or 621,161 shares, in PP Infrastruktur to a non-affiliated buyer, Varsha Zamindo Laksana, for Rp 1.4 trillion. Following the transaction, PTPP’s ownership in PP Infrastruktur will decline from 99.15 percent to 18.15 percent.

In a separate move, PP also plans to divest 47.81 percent, or 142,180 shares, in Celebes Railway Indonesia to Solra Energi Terbarukan for Rp 282.1 billion. Once completed, the company will no longer hold any shares in Celebes Railway Indonesia.

Both divestment plans will be discussed in an Extraordinary General Meeting of Shareholders (EGMS) scheduled for December 18, 2025.

The move aligns with PP’s 2025–2029 Long-Term Corporate Plan (RJPP) themed “Back to Core”, which emphasizes improving operational efficiency, enhancing project quality, and realigning investment portfolios.

PTPP aims to focus on its main revenue-generating segments, building construction, infrastructure, and engineering, procurement, and construction (EPC), which currently contribute more than 80 percent of total income.

Through these divestments, PTPP expects to boost cash flow and strengthen its financial position, allowing it to further develop its core business and ensure sustainable growth.