September 2, 2026 | 01:33 pm
TEMPO.CO, Jakarta - Indonesia's sovereign wealth fund Danantara is exploring a potential Rp2 trillion ($119 million) investment in PT VKTR Teknologi Mobilitas Tbk (VKTR), an electric vehicle company owned by the Bakrie Group.
VKTR is a subsidiary of PT Bakrie & Brothers Tbk (BNBR) and is engaged in the trading and manufacturing of electric vehicles.
VKTR Director Indah Permatasari Saugi said BNBR, as the company's controlling shareholder, signed an indicative non-binding term sheet with PT Danantara Investment Management on August 28, 2026.
The preliminary agreement is part of initial discussions on potential funding to support the development and expansion of VKTR's mobility-as-a-service business, Indah said in a disclosure to the Indonesia Stock Exchange on Wednesday, September 2.
The initial funding indication from Danantara is Rp2 trillion. Although the plan has not been finalized, the proposed financing would include a conversion option, allowing the funding to potentially be converted into an equity stake in VKTR.
Indah said the company plans to use the funds to finance the procurement of electric buses or trucks. Other uses may also be considered based on agreements between BNBR and Danantara under the definitive transaction documents.
She stressed that the term sheet remains non-binding and represents only an initial stage of discussions. The proposed transaction would be subject to the signing of definitive agreements at a later date.
If the parties eventually sign agreements that create binding rights and obligations, VKTR will comply with applicable regulations, including rules governing affiliated transactions, conflicts of interest and material transactions.
Indah said the preliminary agreement was not expected to have a material negative impact on the company's business activities, operations, legal position, financial condition or business continuity.
"The signing of the term sheet is expected to be a strategic step that could potentially have a positive impact on revenue growth for the company and its subsidiaries in the future," she said.
Danantara Eyes Faster EV Adoption
Danantara Indonesia Chief Investment Officer Pandu Sjahrir said the potential investment in commercial mobility electrification could help accelerate the adoption of electric vehicles in Indonesia.
He said the collaboration aims to reduce barriers to EV adoption, expand access to financing and accelerate the transition of fleet operators to electric vehicles, including electric bus operators in various parts of Indonesia.
Pandu also said the partnership could deepen the country's domestic battery value chain and support Indonesia's critical mineral downstreaming agenda, one of Danantara's investment priorities.
Following the preliminary agreement, Danantara will conduct due diligence to ensure the proposed transaction delivers commercial value and contributes positively to Indonesia's economic development.
"Aligned with the priorities of the Indonesian government, we see this collaboration as part of a broader effort to reduce emissions, strengthen domestic industry, promote downstreaming and build the foundation for a more sustainable economy," Pandu said.
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