JAKARTA | Five state-owned enterprises (BUMN) in the financial sector have been proposed again by the government to receive State Capital Injection (PMN) through the Revised State Budget (APBNP) 2016. The additional capital for BUMN aims to support the government's work plans.
The five financial BUMN include PT Sarana Multi Infrastruktur (SMI) with Rp 4.16 trillion, PT Sarana Multigriya Finansial (SMF) with Rp 1 trillion, PT Penjaminan Infrastruktur Indonesia (PII) with Rp 1 trillion, and PT Askrindo and Perum Jamkrindo, each with Rp 500 billion.
One of the proposals is a Rp 1 trillion PMN for PT Sarana Multigriya Finansial (SMF). Rahardjo Adisusanto, President Director of SMF, stated that there are three factors necessitating this Rp 1 trillion capital injection. First, to strengthen SMF’s capital and equity to Rp 6 trillion. Second, to increase long-term financing capacity. Third, to support the government's one million housing program.
"Our capital will improve with additional funding. So far, our funding sources have come from bonds," said Rahardjo on Monday (6/5).
PT Asuransi Kredit Indonesia (Askrindo) is also proposed to receive Rp 500 billion in PMN. Antonius Chandra, President Director of Askrindo, stated that the injection would increase the company's equity to Rp 7 trillion from the current Rp 6 trillion.
Askrindo will also utilize the PMN to expand investments. Antonius explained that the PMN funds could be allocated to securities and deposits. This strategy aims to generate good returns to cover potential claims.
Government Programs
The PMN proposals for several BUMN are intended to support various government programs. For example, SMF will support the one million housing program, while Askrindo and Jamkrindo will enhance credit guarantee capacity.
Meanwhile, PT Sarana Multi Infrastruktur and PT Penjaminan Infrastruktur Indonesia (PII) will support the government's aggressive infrastructure programs.
Antonius stated that PMN functions to support the company’s gearing ratio. As a result, Askrindo's credit guarantee expansion for the people’s business credit (KUR) program will also increase to Rp 75 trillion.
In addition to KUR guarantees, Jamkrindo will also use PMN for the warehouse receipt system guarantee. Diding S Anwar, President Director of Jamkrindo, stated that according to Government Regulation No. 1/2016 on the warehouse receipt system, Jamkrindo must first receive funding before being able to operate in this business. This means that without the PMN, warehouse receipt guarantees cannot be implemented.
The amount of PMN for the warehouse receipt guarantee will be based on calculations from the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Trade. "Their calculation for our PMN is around Rp 700 billion," said Diding. In the 2016 Draft State Budget (RAPBN), Jamkrindo is proposed to receive Rp 500 billion in PMN. (source: Kontan.co.id)