Danantara Overhaul Lifts Telkom Valuation to Rp 115 Trillion, Rosan Says

JAKARTA, Investortrust.id — Rosan Roeslani said on Wednesday, Jan 14, 2026 in Jakarta that sweeping state-owned enterprise reforms led by Danantara have helped lift the valuation of PT Telkom Indonesia or TLKM to Rp 115 trillion, underscoring renewed investor confidence in the telecom giant.

Speaking after a year of restructuring, Rosan said Telkom’s shares had climbed 81 percent over the past six months, reversing years of underperformance and signaling what he described as a broader turnaround across Indonesia’s state-owned sector.

Rosan attributed the rebound to tighter corporate governance, greater transparency, and deep changes in management culture, arguing that the reforms went beyond short-term financial gains.

“This is not only about numbers,” he said at a forum in Jakarta. “It is about transforming how these organizations work and how they adapt to change.”

He said Danantara’s approach emphasized good corporate governance, accountability, and integrity across all state-owned enterprises, alongside accelerated digital adoption, including artificial intelligence and blockchain technologies.

According to Rosan, the most critical pillar of the transformation was human capital, which he described as the determining factor in whether reforms could be executed effectively.

“The most important transformation is in human resources,” he said. “Performance ultimately depends on people’s ability to adapt and carry out the strategy.”

Telkom, he said, illustrated the impact of that approach. After years of declining share performance, the company began to rebound as digital transformation efforts were paired with stricter governance and clearer accountability.

“If we do not transform, we will be left behind,” Rosan said. “Change is something we must accept and adapt to quickly.”

He also stressed that Danantara operates under a zero-tolerance policy toward corruption and other misconduct, framing compliance and risk management as central to restoring credibility in state-owned firms.

“Alongside improving human capital, we are strengthening risk compliance and risk assessment to ensure every change meets the highest standards we set,” he said.

Rosan, who also serves as Indonesia’s investment and downstreaming minister, said the reforms were carried out with the backing of President Prabowo Subianto and were intended to reposition state-owned enterprises as competitive, value-creating players rather than policy-driven burdens.