Danantara Says PT Timah Can Survive Without Capital Injection

January 15, 2026 | 08:08 am

TEMPO.CO, Jakarta - Febriany Eddy, Managing Director of Business 3 at Indonesia's Danantara Asset Management, stated that PT Timah Tbk has not yet been considered for a capital injection this year. She believes the state-owned enterprise (BUMN) is still capable of managing its internal finances, managed by MIND ID as the mining holding company.

"We are using this as a last resort. Unless, for example, Danantara Investment Management sees an opportunity there and wants to come in, then go ahead," she said at IDN HQ in Jakarta on Wednesday, January 14, 2026.

Febriany noted that the company also plays a significant role in supplying tin to the global market. However, there have been governance issues, corruption cases, and illegal mining.

"Now we want to tidy up, clean up, and consolidate. I think the future should be very positive," she said.

Previously, PT Timah Tbk announced that it would prepare a business proposal for additional funding for its product downstreaming process. The proposal will be submitted through its subsidiaries, namely PT Timah or PT Timah Industri.

"We hope Danantara can inject or invest in PT Timah Industri," wrote PT Timah Tbk in a document documenting the results of its public expose through the Indonesia Stock Exchange's information disclosure on Tuesday, November 25, 2025.

In addition to PT Timah, PT Krakatau Steel Tbk also requested US$500 million in funding, which will be met in the short term through a US$250 million Shareholder Loan. The requested funds will be used for primary operational needs, including the purchase of raw materials in the form of steel slabs for the HSM plant, hot-rolled coil (HRC) and cold-rolled full-hard coil (CRC F/H) for the CRM plant at PT KBI, HRC for the steel pipe plant at PT KPI, and derivative steel products.

Febriany believes Krakatau Steel still has high hopes for government assistance. Moreover, the steel industry, the company's sector, is the mother of all industries and continues to experience growth.

However, the company's performance has declined. To regain its former glory, Febriany believes the company's operations must be truly efficient.

Danantara will also inject Rp23.67 trillion into PT Garuda Indonesia (Persero) Tbk. Approximately Rp8.7 trillion (37 percent) will be allocated for working capital needs, including aircraft maintenance and upkeep.

Meanwhile, Rp14.9 trillion (63 percent) will support the operations of Citilink, a Garuda subsidiary. This amount consists of Rp11.2 trillion for working capital and Rp3.7 trillion to settle fuel purchase obligations to PT Pertamina (Persero) for the 2019–2021 period.

Read: Danantara Prepares Bilateral Meetings for WEF 2026

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