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Eyeing success of Singapore’s Temasek, Indonesia approves investment arm of its own

The new agency is set to receive 1,000 trillion rupiah (US$61 billion) in initial capital, according to Darmadi Durianto, a lawmaker from the parliament’s commission overseeing the bill.

“Danantara is officially set up and formed in order to consolidate the management of state-owned companies and optimise the management of dividends and investments,” Erick Thohir, the state-owned enterprises minister, told parliament.

He said the agency would help the government reach Prabowo’s target of 8 per cent economic growth.

Government-owned stakes in Indonesia’s biggest lenders, Bank Mandiri, Bank Rakyat Indonesia, and Bank Negara Indonesia, as well as electricity utility PLN, miner MIND ID, energy firm Pertamina and telco company Telkom Indonesia are among those expected to be transferred to Danantara, media have reported.

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