JAKARTA -- The Indonesian government has laid the legal groundwork for consolidation of the country's more than 100 state-owned companies, hoping to make them more competitive amid a wave of deregulation that may bring more foreign rivals into the country.
A new regulation approved by President Joko Widodo on Dec. 30 but only revealed to the public Wednesday creates a legal basis for transferring the government's stake in one SOE to another company appointed as a holding entity without parliamentary approval.
