Finance Ministry Takes Over 60% Stake in Whoosh, Done by September
The move shifts KCIC debt restructuring and management from KAI/PSBI to a fiscal SMV, without direct pressure on the state budget.
The Finance Ministry has taken over debt restructuring and management of the Jakarta-Bandung high-speed rail, including Indonesia’s 60 percent stake in PT Kereta Cepat Indonesia China. Finance Minister Purbaya Yudhi Sadewa said the transfer process from Danantara is targeted for completion in mid-September 2026. The stake has been held by the PT Pilar Sinergi BUMN Indonesia consortium, while the Chinese partner, Beijing Yawan HSR Co. Ltd, retains 40 percent. Purbaya said KCIC will no longer fall under PT Kereta Api Indonesia, but will instead be managed through one of the Finance Ministry’s fiscal Special Mission Vehicle units. He said the arrangement is intended to keep the financial burden of the Whoosh project from flowing directly into the APBN.