Fourth Amendment Finalizes BUMN Reforms: BP BUMN as Regulator, BPI Danantara as Sole Investment and Operational Manager

As part of efforts aimed at optimizing the management of Indonesia’s State-Owned Enterprises (Badan Usaha Milik Negara – “BUMN”) and effecting an efficient institutional transformation, Indonesia’s House of Representatives (“House”) has officially issued Law No. 16 of 2025 on the Fourth Amendment (“Fourth Amendment”) to Law No. 19 of 2003 on State-Owned Enterprises (“Law 19/2003”).[1] In essence, this Fourth Amendment to Law 19/2003 now completes the overall reform of BUMN management and follows in the wake of Law 1 of 2025 on the Third Amendment to Law 19/2003 (“Third Amendment”), which previously introduced Badan Pengelola Investasi Daya Anagata Nusantara (“BPI Danantara”), as well as the Investment Holdings and Operational Holdings (collectively referred to as “Holdings”).