At the end of 2020, PT SMI has completed the mandate given by the Central Government in implementing the National Economic Recovery (PEN) program for three BUMNs that have experienced weakness due to the Covid-19 pandemic.
PT SMI realizes Government Investment in the framework of the PEN program for two state-owned enterprises, namely PT Krakatau Steel (Persero) Tbk and PT Garuda Indonesia (Persero) Tbk through the Signing of Mandatory Convertible Bonds (OWK) Issuance Agreement conducted by the Operations and Finance Director of PT SMI - Darwin Trisna Djajawinata (acting as the attorney for the President Director of PT SMI), the President Director of PT KRAS - Silmy Karim, and the President Director of PT GIAA - Irfaniaputra, at the DJKN Office of the Ministry of Finance (28/12). Previously, on (30/11) PT SMI had realized the distribution of IP PEN to PT Kereta Api Indonesia (Persero) worth IDR 3.5 trillion.
The investment distribution given to PT GIAA worth IDR 8.5 trillion and PT KRAS worth IDR 3 trillion has gone through a comprehensive review and evaluation process. The urgency of the need for IP PEN distribution to the three BUMNs is considered very important because it has a significant multiplier effect on the Indonesian economy and has great benefits for the wider community. In implementing this IP PEN, PT SMI together with the Ministry of Finance ensure that the procedures and criteria for providing investment are carried out prudently and accurately, by involving independent institutions that act as financial, legal and economic studies consultants, and continue to maintain transparency and accountability in the distribution process.