Portfolio

Adaro

Adaro

Coal and  Energy
Year of Investment: 2002
www.adaro.com

PT Adaro Energy Tbk. (ticker code: ADRO) is an Indonesian mining and energy group that focuses on integrated pit-to- power operations through subsidiaries. Its principal location is at Tabalong district in South Kalimantan, where its subsidiary PT Adaro Indonesia operates the largest single- concession coal mine in the southern hemisphere. PT Adaro Indonesia operates under a first-generation CCA (coal co- operation agreement) with the Indonesian Government valid for 30 years after the start of coal production.

From the South Kalimantan mine’s three pits, Adaro Energy produce one of the world’s cleanest coals, under the trademark Envirocoal. It is a sub-bituminous, moderate calorific value coal producing ultra-low sulphur, ash and NOx emissions. Adaro Energy’s coals are primarily sold to power generating providers, and sales an average of about 20-25% of coal to customers in Indonesia and 75% to overseas customers, predominantly in Asia.

Adaro Energy controls or has options on 12.8 billion tonnes of coal resources reported according to JORC. Of these resources, 1.1 billion tons of coal are proven reservesreporting according to JORC.

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agraenergyindonesia

Agra Energi Indonesia

Oil & Gas
Year of Investment: 2015
www.aei-1.com

PT Agra Energi Indonesia is an early-stage oil and gas exploration company focusing on high impact oil and gas exploration assets in Indonesia. The company led by management team with substantial expertise and experience in deep water as well as onshore exploration drilling. The team has a proven and extensive track record in the Indonesian oil and gas industry with British Gas, ARCO, UNOCAL, SANTOS and Black Gold Energy and a commercial experience raising capital for Black Gold Energy whose investors included Goldman Sachs and Temasek.

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Agro Maju Raya

Agro Maju Raya

Palm Plantation
Year of Investment: 2010

PT Agro Maju Raya is an early-stage palm plantation company with plantations located in Aceh Darussalam, South Sumatera and South Kalimantan. The company has a land bank of some 83,000 hectares, all of which have been certified for commercial use, the highest certification of its kind for a plantation estate in Indonesia.

Some 27,000 hectares of the company’s land bank have been planted with palm trees currently entering early productive age with an average age of 2 – 3 years.

Anticipating an increasing volume of palm FFB; the company has begun construction of a palm processing mill with a milling capacity of 60 tons of FFB per hour in Aceh and another one in South Kalimantan with a milling capacity for 45 tons of FFB per hour.

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awalbross441x280

Awal Bros Hospital Group

Hospitals
Year of Investment: 2016

Awal Bros Hospital Group is a leading hospital operator group which has an extensive experience in healthcare industry and currently operates 9 hospitals in various cities across Indonesia including Jakarta, Bekasi, Tangerang, Pekanbaru, Batam, and Makasar.
Awal Bros prioritizes on providing high quality healthcare and follows international standards. As part of its commitment, Awal Bros receives JCI accreditation in its 4 hospitals, the highest number of JCI accreditations received in a hospital group in Indonesia.
Awal Bros is the largest hospital operator for BPJS, which aligns with Saratoga’s commitment to support the government programs in improving healthcare services and infrastructure in Indonesia.

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deltomed

Deltomed

Herbal medicine
Year of investment: 2017

Deltomed is one of the leading herbal remedy players in Indonesia. Deltomed’s product, Antangin, is the second largest herbal wind flu remedy brand by market share, while OB Herbal is the market leader for herbal cough medicine in Indonesia. Deltomed is uniquely positioned as one of the few producers with vertically integrated operations and strong distribution network.

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Etika Karya Usaha

Etika Karya Usaha

Property
Year of Investment: 2012

PT Etika Karya Usaha is a residential property developer, currently engaged in the development of a housing complex in Dharmawangsa, a high-end suburb of Jakarta.

The construction of buildings has been completed and the company is in the process of marketing the apartment units.

Saratoga actively participated in EKU management through the appointment of Kumari, a member of the senior management team of Saratoga, as the Director of the company.

As the year-end 2014, Saratoga holds effective ownership of 29.4% in EKU.

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Finder-Logo

Finders Resources Limited

Gold and Copper
Year of Investment: 2013

Finders Resources Limited (ticker code: FIN.AX) is a mining company that is listed on the Australia Stock Exchange, with two key projects in Indonesia. The company has a 95% stake in Wetar Copper in the Maluku Province, which is engaged in a high quality copper mine concession with JORC-compliant resources of 200,000 tons of copper as of 2013. The Wetar project continues to attract considerable interest from external parties due to its high grade ores, low operating costs, and significant exploration potential. The company has completed their revised bankable feasibility study, and is expected to start production soon. Saratoga invested in Finders Resources starting in January 2013 and held 6.85% effective ownership in the company as of year-end 2014.

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Gilang Agung Persada

Gilang Agung Persada

Lifestyle
Year of Investment: 2014

PT Gilang Agung Persada (“PT GAP”) opened its Superdry flagship store at Grand Indonesia on 5 November 2015. The 3,000 square feet store is one of the largest Superdry stores in the Southeast Asia region. Indonesian Superdry fans can now find a range of collections from womenswear and menswear to footwear and watch closer to home.

The opening of Superdry store marks the opening of PT GAP’s 158th store and strengthens PT GAP’s distribution network across 11 key cities in Indonesia.

Established since 1995, PT GAP currently manages 19 globally renowned brands such as Guess, Celine, Givenchy, La Senza, Gap, Banana Republic, Superdry and VNC, and timepiece brands such as Guess watches, Gc, Nautica, Swarovski, Victorinox Swiss Army, and many more. As a dedicated fashion and lifestyle brand management company, PT GAP plans to continue expanding its brand portfolio in the coming years.

PT Saratoga Investama Sedaya owns an effective interest of 4.17% in PT GAP since 2014 and has the optionality to increase its stake in PT GAP to up to 5.83%.

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Interra Resources

Interra

Oil & Gas
Year of Investment: 2012
www.interraresources.com

Interra Resources Limited (ticker code: 5GI.SI), a Singapore- incorporated company listed on the SGX Mainboard,
is engaged in the business of oil and gas exploration
and production (E&P). The E&P activities include oil and

gas production, field development and exploration. The company is positioning to become a leading regional independent oil and gas producer.

Since its inception, Interra has grown both organically by developing existing assets and through disciplined acquisitions by seeking attractive targets across Southeast Asia. Its portfolio of production, development and exploration assets comprises five contract areas in Indonesia and Myanmar.

The company holds 60% stakes in the two largest onshore producing oil fields in Myanmar, in addition to 100% stakes in two producing oil fields and a substantial stake in an exploration block in Indonesia.

Total shareable production from its oil platforms reached a total of 787,906 barrels of oil in 2014 compared to 649,473 barrels of oil in 2013.

Interra Resources has gained a strong foothold in the Indonesian oil and gas industry, with assets located in South Sumatera, West Papua and Central Kalimantan, while the two major oil fields in central Myanmar gives the company a significant opportunity to tap into the growing energy markets of an economically vibrant region of Southeast Asia.

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Medco Power

Medco Power

Power
Year of Investment: 2011
www.medcopower.co.id

Growing demands for electricity in Indonesia have encouraged Saratoga to invest in power generating plants, a good exposure to the promising infrastructure plays. Saratoga holds an effective ownership of 12.3% in Medco Power Indonesia (MPI), a leading developer and operator of small to medium sized power plants in Indonesia focusing on clean, renewable energy, primarily natural gas, hydro and geothermal.

The company owns and operates six gas fired power plants with total gross generating capacity of 200 MW located in Batam and South Sumatra. In addition, its business scope includes Engineering, Procurement and Constructions, as well as an Operations & Maintenance contract for one of Indonesia’s largest power generating plants, the 2 x 660 MW Tanjung Jati B Power Plant in Central Java.

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Merdeka Copper Gold

Merdeka Copper Gold

Gold & Copper
Year of Investment: 2014
www.merdekacoppergold.com

PT Merdeka Copper Gold Tbk. is a holding company engaged in the mining business, encompassing the exploration and future production of gold, silver, copper and other related minerals. MCG is listed on the IDX in June 2015.

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mgmbosco

MGM Bosco

Cold-Chain Logistics
Year of Investment: 2016
www.mgmbosco.com

MGM Bosco is a premium cold chain company serving the food and beverage industry. The company provides refrigerated trucking service serving FMCG blue-chip clients in over 20 cities and operates cold storage facilities in North Jakarta. MGM Bosco aims to scale up its business to deliver end-to-end cold chain logistics benefits for its clients.

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Mitra Pinasthika Mustika

Mitra Pinasthika Mustika

Automotive
Year of Investment: 2010
www.mpmgroup.co.id

PT Mitra Pinasthika Mustika Tbk. (ticker code: MPMX) is a publicly listed consumer automotive company covering four major business pillars: distribution and retail, auto consumer parts, auto services, and financial services. Its integrated business platform allows MPM to take advantage of synergies and offer end-to-end automotive solutions that enable the company to serve and grow with the needs of their customers.

Founded in 1987 as a motorcycle distribution company, MPM is now an end-to-end leading consumer automotive company in Indonesia.

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Nusa Raya Cipta

Nusa Raya Cipta

Toll Road & Construction
Year of Investment: 2006
www.nusarayacipta.com

PT Nusa Raya Cipta Tbk. (ticker code: NRCA) is a leading construction company publicly listed on the Indonesia Stock Exchange. It has been in operations for more than 40 years, serving the construction needs of clients in both the public and private sectors and has contributed to the development of Indonesia. The construction company has specialties in the construction of high-rise hotels and apartments as well as in the construction of infrastructures and large-scale projects including toll roads.

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paitonenergy

Paiton Energy

Power Generation
Year of Investment: 2015

Paiton Energy is a power generation company that owns the license to build, own and operate coal fired/thermal power plant located in Paiton power plant complex in Probolinggo Regency, East Java, Indonesia. Paiton Energy operates two power plant units: Unit 7/8 (“P7/8”) and Unit 3 (“P3”) with a total generating capacity of 2,035 MW, one of the largest Independent Power Producer (“IPP”) in Indonesia.

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Provident Agro

Provident Agro

Palm Plantation
Year of Investment: 2012
www.provident-agro.com

PT Provident Agro Tbk. (ticker code: PALM) is a publicly listed palm plantation company with 11 palm oil estates
in Sumatera, Kalimantan, and Sulawesi. Founded in 2006, the company is cultivating palm trees of varying ages in over 46,000 hectares of land. It produced a total of 102,176 tons of CPO, 359,692 tons of fresh fruit bunch (FFB) and 19,829 tons of palm kernel in 2014 compared to 81,222 tons, 259,559 tons and 15,720 tons, respectively, in 2013.

Roughly half of the company’s palm trees are still in their early stage of growth and are yet to enter their most productive years. Palm trees bear fruits starting from on average their fifth or sixth year. However, these early fruits still yield low amounts of oil – referred to in the industry as the oil extraction rate or OER. As trees mature over time, the fruits will grow bigger and consequently yield higher OER. On average, palm trees are at their most productive stage between the 8th and 17th year.

Provident Agro enjoys a relatively young plant age profile, in which the average age of the company’s palm trees is around seven years as of year-end 2014. This provides the company with tremendous growth opportunities within the next decade as the trees mature to peak production age.

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Seroja Investment

Seroja Investment Limited

Shipping & Vessel Chartering
Year of Investment: 2008

Seroja Investments Limited (ticker code: IW5.SI) is an investment holding company that holds significant stakes in companies that are engaged in shipping and transportation services.

These services include freight charters for shipments of dry bulk goods, thermal coal, sand and other mineral resources. Long-time customers include some of the largest coal companies and one of the largest cement producers in Indonesia to date. In addition to inter- island shipments across Indonesian waters, the group also transports commodities from Australia and Indonesia to Southern China.

Seroja Investments is the holding company of PT Pulau Seroja Jaya and has 30% ownership in PT Sinar Mentari Prima. Saratoga also made additional direct investments in PT Pulau Seroja Jaya and PT Sinar Mentari Prima.

The flagship of Seroja Investments, PT Pulau Seroja Jaya is a tug-and-barge chartering company transporting dry bulk materials, mostly coal, sand, and other minerals. The vessel chartering provided by the company is usually based on long-term freight charter ranging from one to five years, and to a certain extent, based on time charter of up to one year. The main customers of Pulau Seroja include Adaro Energy, Kideco, Berau, and Indocement.

Pulau Seroja has a relatively young fleet of tugboats and barges – averaging in age of 9.2 years and 7.2 years, respectively, by year- end 2014. The estimated life-time of these tugboats and barges
is 16 years. Besides its large fleet of tugboats and barges, Seroja Investments also jointly owns two panamax and one capsize ships with total capacity amounting to approximately 310,000 DWT with a Chinese partner. More importantly, it is strategically positioned in the market to evolve into a fully integrated logistics and transportation services company, serving Southeast Asia and beyond.

PT Sinar Mentari Prima is the owner and operator of a single floating storage and offloading vessel. The vessel is currently under time charter to Petrochina through 2016, with an option to extend.

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Sihayo-Transparan

Sihayo Gold Limited

Gold and Copper
Year of Investment : 2012

Sihayo Gold Limited (ticker code: SIH.AX), listed on the Australia Stock Exchange, has a 75% stake in PT Sorikmas Mining, a gold-mine exploring company operating in the Sihayo Pungkut concession area in North Sumatera. Exploration campaigns conducted at Pungkut yielded a JORC-compliant resource of 1.4 million ounces of high grade gold. Sihayo is continuing with its current exploration program to better position the company for future production. Saratoga first invested in Sihayo in December 2012 and increased its investment in 2013 by USD1.4 million, bringing its effective ownership in the company to 18.14% by year-end 2014.

 

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Sumatra-Transparan

Sumatra Copper & Gold

Gold and Copper
Year of Investment: 2012

Sumatra Copper & Gold plc (ticker code: SUM. AX), incorporated in London in 2006 and listed on the Australia Stock Exchange in 2008, with 100% ownership of exploration rights in seven locations in Sumatera known for their gold and silver deposits. The Sumatra Copper & Gold project is located in the south and middle Sumatera area, which is known as the biggest mineral location with more than 3 million ounces of gold and 25million ounces of silver discovered. Sumatra Copper & Gold focuses on bringing its flagship project at Tambang up to production. The company is completing a drilling program that shall define additional mineable resources, enhancing the project’s feasibility. Saratoga made its first investment in Sumatra Copper & Gold in December 2012 and continued to hold 27.35% effective ownership in the company as of year-end 2014.

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Tenaga Listrik Gorontalo

Tenaga Listrik Gorontalo

Power
Year of Investment: 2012

PT Tenaga Listrik Gorontalo (TLG) operates a 2x12MW coal-fired power plant to supply electricity in the province of Gorontalo in North Sulawesi. The Molotabu Power Plant receives its Commercial Operation Date certificate from PLN (Indonesia state-owned electricity company) on 13 September 2014, marking the completion of the power plant project and its compliance with the Power Purchase Agreement (PPA).

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Tower Bersama Group

Tower Bersama Group

Telco Infrastructure
Year of Investment: 2004
www.tower-bersama.com

From its original portfolio of seven sites in 2004, PT Tower Bersama Infrastructure Tbk. (ticker code: TBIG) has grown into one of the leading independent tower operators in Indonesia. As of 31 December 2014, TBIG has had 11,820 sites with 19,076 tenancies. TBIG’s principal business is the leasing of premises to telecommunication operators to set up antennae and other equipment for wireless signal trans- mission; such leasing of premises is under long-term lease agreements (usually 10 years or more).

As founding shareholders in TBIG, Saratoga and its partner, Provident Capital, have created a robust business model headed by an experienced management team. TBIG’s management team has deep and intimate knowledge of the Indonesian tower industry and has strong relationships with regulators, local governments and telecommunication operators.

TBIG constructs new sites only after obtaining a commitment for a long-term lease for premises from a telecommunications operator. TBIG’s largest customers include Indonesia’s highly rated telecommunication operators such as Telkom, Telkomsel, Indosat and XL, all of which account for 82.6% of the company’s frevenue in 2014. This Telecommunication Infrastructure provides the company with a highly visible recurring revenue stream.

Telecommunication operators in Indonesia continue to make investments in 3G coverage and capacity to meet the growing demand for data communication driven by increasing 3G-subscriber base and rising smartphone penetration. TBIG is well positioned to provide its customers with the site infrastructure they require in order to grow their businesses. Industry experts forecast that the outsourcing of construction of sites and the current trend of leasing premises from independent tower companies will continue as telecommunication operators seek to control their capital expenditure on passive infrastructure and on non-core activities, and at the same time strive to focus management attention on their core telecom business.

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Tri Wahana Universal

Tri Wahana Universal

Oil Refinery
Year of Investment: 2011
www.twurefinery.com

PT Tri Wahana Universal (TWU) is the only privately-owned oil refinery company operating in Indonesia established in 2005.

The refinery facility is located in the Sumengko Village-Kaltidu, Bojonegoro Regency, East Java, and has been operational since January 2010 with a first train of refining capacity of 6,000 barrels of oil per day (bopd). Subsequently, it also operates a second train with a refining capacity of 10,000 bopd, commissioned in June 2013. All told, TWU currently has an oil refining capacity of 18,000 bopd.

TWU offers a unique business model in which the company receives the supply of crude oil from the Banyu Urip Field of Mobil Cepu Ltd nearby, through a 5-km pipeline. The company produces best quality petroleum products including High Spead Diesel, Straight Run Gasoline/Light Naphta, High Vacuum Gasoil and Vacuum Tower Bottom. The main customers are PT Pertamina (Persero), PT Patra Niaga, Mitsui and other customers from both the domestic and international markets.

In 2014, TWU achieved record production volume of 793,160 kilo liter, an increase of 60% from 495,103 kilo liter in 2013. This was mainly due to its success in increasing its refinery production capacity to 18,000 bopd in mid-2013.

In line with its vision to be the largest private oil refinery company in Indonesia, TWU aims to continuously expand its refinery capacity and capability in order to reduce Indonesia’s oil imports and contribute to providing job opportunities as well as improving economic activities in and around Bojonegoro in East Java.

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