JAKARTA - Holding SOE (state-owned enterprise) for Micro Business (UMi) financing will increase the profitability of the 3 financing SOEs that will be involved, including PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Pegadaian (Persero), and PT Permodalan Nasional Madani (PNM). This was conveyed by Sri Mulyani Indrawati, Minister of Finance, in a press release quoted on Tuesday (9/2).
She said this step would also create efficiency and better governance, as well as reduce the cost of funds of the 3 SOEs involved. "Holding SOE UMi will go through rights issue approval from BRI, in which the government will transfer all of the country's Series B shares from PNM and Pegadaian," said Minister Indrawati.
According to her, this step was in accordance with PP 72/2016 on Procedures for State Equity Participation in SOE.
From the government view, added the Minister, the formation of SOE UMi would achieve the target ratio of MSME credit in the future. In 2024, the parent SOE of UMi financing will serve credit for 29 million UMi, increase from its ability to finance 15 million customers today. "A wider range of access to credit will create economic equity, new jobs, and expand Indonesia's financial system through the financial services integration,”said Indrawati. (LK/VA)