Waskita, Wijaya, Adhi Karya: Listed Indonesian SOEs Lead Merger Charge For 2026

JAKARTA – The Indonesian government's plan to consolidate its state-owned construction sector is placing a special focus on its publicly listed companies, which are central to the merger targeted for the first quarter of 2026. Officials have indicated that the listed entities within the "BUMN Karya" ecosystem will undergo integration in a coordinated, simultaneous manner, acknowledging the unique requirements and scrutiny involved in merging companies traded on the stock exchange. This approach highlights the balance between state-led restructuring and adherence to capital market rules.

Aminuddin Ma'ruf, Deputy Head of BP BUMN, provided the updated timeline, confirming that while the overall process is still under assessment, the target for completion is set for the first quarter of the coming year. When asked about the companies involved, he specifically noted that "the companies to be merged are publicly listed companies, and it will be done together." This group is known to include major players like PT Waskita Karya Tbk, PT Wijaya Karya Tbk, PT Adhi Karya Tbk, and PT PP (Persero) Tbk.

The inclusion of these listed firms dictates a high degree of transparency and regulatory compliance. The merger process will need to satisfy the rules of the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX), ensuring proper disclosure, valuation, and treatment of minority shareholders. This regulatory dimension is a key reason behind the detailed and time-consuming studies currently underway.

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Dony Oskaria, COO of Danantara, confirmed that the merger of the construction SOEs would not be completed within the current calendar year, partly due to this complexity. "We are still conducting a process to study the best form for the merger... There are several options," Oskaria stated. These options likely involve different legal and financial structures for combining the listed entities, such as through a share swap mechanism or consolidation into a new holding company.

The performance of these listed companies varies, which adds another strategic consideration. Some have faced financial pressures, while others are more stable. The government's stated plan to prioritize merging companies with financial problems may intersect with this list, requiring a structure that can absorb challenges while leveraging the strengths of the healthier listed entities for the benefit of the combined group.

For investors in the Indonesian capital market, this merger represents a significant event. It will redraw the landscape of the state-owned sector on the exchange and create a new, potentially more powerful and liquid stock. The government's handling of the process will be closely watched as a signal of its commitment to both corporate reform and market-friendly governance.

The success of this aspect of the merger is crucial. A well-executed integration of the listed firms can enhance market confidence, attract investment, and set a positive precedent for future state-owned enterprise reforms. It demonstrates that the government can undertake major structural changes while respecting the frameworks of the modern market economy.

As the Q1 2026 deadline approaches, the coordination between the SOE Ministry, BP BUMN, Danantara, and capital market regulators will be pivotal. The creation of a consolidated, listed construction giant has the potential to not only strengthen Indonesia's infrastructure capabilities but also to offer a new, robust investment vehicle for those betting on the nation's long-term growth story.

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Adhi Karya Capital Market Corporate Governance Indonesia Stock Market Merger Acquisition PT PP Tbk Publicly Listed SOEs Waskita Karya Wijaya Karya