Danantara Targets Completion of Four BUMN Karya Mergers by End of November 2026
Danantara targets completion of the Nindya Karya-Brantas Abipraya and Adhi Karya-PP mergers by the end of November 2026, while WIKA and Waskita remain on separate restructuring tracks.
Indonesia's sovereign wealth fund Danantara is targeting completion of the mergers of four state-owned construction companies by the end of November 2026. The plan combines PT Nindya Karya with PT Brantas Abipraya, and PT Adhi Karya with PT PP, with COO Dony Oskaria stating the process should conclude no later than this month. Non-core asset divestments are expected to follow to help reduce corporate debt.
Two other contractors remain on separate restructuring tracks due to their more complex balance sheets. PT Waskita Karya recorded a net loss of IDR 2.87 trillion through September 2026, an improvement from IDR 3.17 trillion a year earlier, while PT Wijaya Karya carries debt of around IDR 34 trillion. Trading in ADHI shares has been suspended by the Indonesia Stock Exchange since 24 August 2026, with WSKT and WIKA suspended since 2023. Domestic media have also covered the companies' third-quarter performance ahead of the mergers.