Indonesia’s commodity stock market witnessed a stark divergence following President Prabowo Subianto’s issuance of a new Government Regulation on the Governance of Natural Resource Commodity Exports on Wednesday, May 20. Shares of state-owned commodity producers surged, while their private sector counterparts experienced significant downward pressure.
According to data from the Indonesia Stock Exchange (IDX) on Wednesday evening, state-owned commodity firms demonstrated robust performance. PT Bukit Asam Tbk (PTBA) closed up 6.42% at Rp 2,820, PT Timah Tbk (TINS) rose 3.03% to Rp 3,060, and PT Aneka Tambang Tbk (ANTM) gained 1.31% to reach Rp 3,100.
Conversely, several prominent private commodity stocks faced considerable headwinds. Shares of PT Alamtri Resources Indonesia Tbk (ADRO), owned by Boy Thohir, fell 4.29% to Rp 2,230. PT Bumi Resources Tbk (BUMI), part of the Bakrie Group, plummeted 6.99% to Rp 173, while palm oil producer PT Triputra Agro Persada Tbk (TAPG) saw its shares drop 6.60% to Rp 1,485.
Market analysts at Phintraco Sekuritas quickly weighed in on the new regulation, suggesting it could significantly heighten administrative complexity and prolong the export transaction process, particularly during its initial implementation phase.
“This regulation also carries the potential to squeeze company margins due to reduced trading flexibility and increased costs if the process becomes lengthier, especially throughout the transitional period of implementation,” Phintraco Sekuritas noted in its research report on Wednesday, May 20.
The policy is slated for gradual implementation from June 1 to August 31, 2026, before becoming fully effective on September 1, 2026. Under this regulation, the government designates state-owned enterprises (SOEs) as the sole exporters for three crucial strategic commodities: palm oil, coal, and ferroalloy (iron alloys).
During the initial phase, exporters are mandated to progressively transfer their export-import trade transactions to these designated SOEs. In this stage, SOEs will become involved in the export clearance process, while pre-clearance and post-clearance procedures will remain in a transitional period.
From September 1, 2026, the policy will be fully enforced. All export-import trade transactions between foreign buyers and domestic sellers will be entirely facilitated by the government-appointed SOEs. These SOEs will additionally bear responsibility for trade contracts and export management.
The government asserts that this landmark policy aims to enhance oversight of export proceeds (DHE), strengthen state control over the trade of strategic commodities, prevent practices such as under-invoicing, and ultimately boost transparency and efficiency in national export governance.
In his address at the DPR Plenary Session concerning the Macroeconomic Framework and Fiscal Policy Principles (KEM-PPKF) for the 2027 State Budget Draft, President Prabowo highlighted Indonesia’s strategic commodity sector’s potential to generate substantial foreign exchange, estimated at approximately Rp 1,100 trillion. He noted that the most significant contributions stem from the national strategic mineral and energy sectors.
“The sale of all our natural resources, from palm oil and coal to ferroalloy, we mandate their sale through state-owned enterprises designated by the government as the sole exporters,” Prabowo affirmed.
According to Prabowo, the proceeds from these export sales will subsequently be channeled back by the SOEs to the respective businesses. He emphasized that the policy is designed to bolster oversight of commodity trade, deter tax evasion, combat transfer pricing manipulation, and curb the illicit flight of export proceeds.
Prabowo expressed confidence that this policy will ultimately optimize national tax revenues and state income derived from the robust management of natural resources.
Formation of Danantara Sumberdaya Indonesia
Coincident with President Prabowo’s announcement, the Daya Anagata Nusantara Investment Management Agency, or Danantara Indonesia, formally established a new entity named PT Danantara Sumberdaya Indonesia.
The formation of this entity is formalized under the approval decree SK AHU-0039765.AH.01.01.Tahun 2026, dated May 19, 2026. This decree specifies the establishment of a new business entity with operational objectives aligned with KBLI 64200, which pertains to holding company activities.
The accompanying document details that this business group encompasses a parent company that manages and controls assets across several subsidiaries, primarily functioning as the ultimate owner within the group. Importantly, the holding company itself does not directly engage in the operational business activities conducted by its subsidiaries.
“Its activities include services, advisory, and negotiation roles in designing corporate mergers and acquisitions,” states the AHU document, as cited on Wednesday, May 20.
Regarding shareholding, PT Danantara Investment Management holds Series A shares valued at Rp 24.75 million, equivalent to 99 shares. Meanwhile, PT Danantara Mitra Sinergi possesses Series B shares worth Rp 250,000, representing 1 share.
The company’s authorized capital comprises 399 Series A shares, each valued at Rp 250,000, totaling Rp 99.75 million. Series B shares are set at Rp 250,000 per share, with a total of 1 share, amounting to Rp 250,000.
Within its management structure, Luke Thomas Mahony serves as the director, while Harold Jonathan Dharma Tj has been appointed as the commissioner for PT Danantara Sumberdaya Indonesia.
Summary
President Prabowo Subianto has introduced a new regulation designating state-owned enterprises (SOEs) as the sole exporters of palm oil, coal, and ferroalloy. Following this announcement, the Indonesian Stock Exchange saw a significant divergence in performance, with state-owned commodity firms experiencing gains while private sector stocks suffered notable declines. Analysts have expressed concerns that the policy may increase administrative complexity and operational costs for companies during the transition period leading up to full implementation on September 1, 2026.
The government aims to leverage this policy to enhance oversight of export proceeds, prevent tax evasion, and combat transfer pricing manipulation, ultimately projecting higher state revenues from strategic commodities. In conjunction with this shift, the government has established PT Danantara Sumberdaya Indonesia, a new holding entity under the Danantara Investment Management Agency. This entity is designed to manage and control assets to support the government’s strategy for strengthening national control over natural resource trade.
