Institutional Blueprint for BP BUMN Officially Unveiled: Sustainability and Management of Dwiwarna Shares Dividends Now Part of Core Functions

In 2024, the government introduced Regulation of the President No. 179 of 2024 (“Regulation 179/2024”) on the Ministry of State-Owned Enterprises (Badan Usaha Milik Negara – “BUMN”). Broadly speaking, Regulation 179/2024 outlined a wide array of institutional aspects relating to the Ministry of BUMN (“Ministry”), including its organizational structure and various key functions.

However, following the enforcement of Law No. 16 of 2025 on the Fourth Amendment to Law No. 19 of 2003 on State-Owned Enterprises (collectively referred to as “Law 19/2003”)[1], which has officially transformed the Ministry into the new BUMN Regulatory Agency (Badan Pengaturan BUMN – “BP BUMN”), the government has now decided to issue Regulation of the President No. 105 of 2025 on the State-Owned Enterprises Regulatory Agency (“Regulation 105/2025”), which has been in force since 7 October 2025.[2] The enforcement of Regulation 105/2025 has resulted in the repeal and replacement of Regulation 179/2024, however, it should be noted that any implementing frameworks to Regulation 179/2024 that have already been issued will remain valid, provided that they remain in line with the new framework of Regulation 105/2025.[3]