Jakarta Governor Pramono Anung said the provincial government will retain majority ownership and control of Bank Jakarta and PAM Jaya after the two companies list in 2027, and that the requirement will be written into a regional regulation, Indonesian media reported over the weekend. The city is also proposing a reserve fund to strengthen fiscal capacity, finance priority infrastructure and prepare for repayment of regional bonds.
Bank Jakarta is preparing for a 2027 listing, encouraged by the governor as part of a push to make the regional lender more professionally run and less dependent on political officeholders. PAM Jaya is the provincially owned piped-water company for the capital. Putting the two on the stock exchange while locking in majority state ownership is Jakarta’s version of a controlled privatization: market discipline for the companies, public ownership of the assets that matter.
The mechanism matters for investors. A regional regulation guaranteeing majority control functions like a golden share, capping how much strategic influence an IPO buyer can actually obtain, which will shape pricing and demand when the offerings are sized. The 2027 timing also lines up with Bank Jakarta’s preparation timeline. Watch the regional regulation’s drafting and the offering sizes, which will show how much of each company the public actually gets.