Jakarta. State-Owned Enterprises Minister Erick Thohir recently vowed to back President Prabowo Subianto’s plan to set up Danantara, the overdue investment superholding that would manage $600 billion in assets by consolidating government-run businesses.

Prabowo intends to establish Danantara as an investment management body that would be akin to Singapore’s Temasek. According to media reports, Danantara will start by combining the assets of 7 state-owned enterprises (SOEs). They are mining holding MIND ID, telco firm Telkom, utility PLN, oil company Pertamina, as well as banking giants BRI, Mandiri and BNI. 

Prabowo was supposed to launch Danantara in early November, but the inauguration date got pushed back as the president had to embark on a two-week, multi-nation tour. Danantara head Muliaman Darmansyah Hadad said that the launch would have to wait for Prabowo’s return, although its inauguration has yet taken place to this day. The investment body is also still under review with key decisions on its legal status and operational spending. Speaking to reporters on Tuesday, SOE Minister Erick gave the latest updates to the much-awaited Danantara.

“I have stated that I would support Danantara by providing the facilities that we have. We are still discussing the reviews [of its official launch],” Erick told reporters in Jakarta.

According to Erick, the government has long been working on the necessary groundwork for Danantara’s establishment on the SOE law draft. 

“We are open to the idea [of Danantara]. But most importantly, we, SOEs, align with Prabowo’s vision to make Indonesia self-sufficient in food and energy, and also to eradicate poverty,” Erick said.

Danantara has held talks with the top brasses of BRI and Telkom ahead of its launch. Danantara also plans on managing the assets of the country’s sovereign wealth fund Indonesia Investment Authority (INA).