Jakarta, March 12, 2025 – PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG) delivered solid performance throughout 2024, achieving a 10.5% growth in Net Asset Value (NAV), from IDR 48.9 trillion in 2023 to IDR 53.9 trillion in 2024. This growth was driven by the optimization of its key portfolio companies, such as PT Adaro Andalan Indonesia Tbk. (AADI), PT AlamTri Resources Indonesia Tbk. (ADRO), and PT Tower Bersama Infrastructure Tbk. (TBIG), which successfully strengthened their business fundamentals and created sustainable value amidst dynamic market conditions.

SRTG Investment Director Devin Wirawan explained that SRTG’s positive performance in 2024 reflects the success of its investment strategy in capturing opportunities across strategic sectors. “This approach led to three key achievements: robust dividend income, increase in the valuation of portfolio companies driving NAV growth, and strategic investments in new portfolio companies. This success reaffirms SRTG’s position as an investment company which consistently creates long-term value for stakeholders,” Devin stated in Jakarta (11/3).

SRTG recorded solid dividend earnings of IDR 3.8 trillion, a 36% increase from 2023, driven by strong cash flows from key portfolio companies such as ADRO, TBIG, and MPMX.

Devin mentioned that in addition to dividend income, SRTG also successfully monetized its portfolio companies, generating IDR 712 billion in additional cash flow. As a result, SRTG’s total cash inflow throughout 2024 reached IDR 4.5 trillion.

“With a strong cash position, SRTG has greater flexibility to execute its investment strategy while continuing to enhance portfolio value. We remain committed to a disciplined and measured investment approach, focused on sustainable growth,” added Devin.

One of SRTG’s key strategic investments in 2024 was the acquisition of a majority stake in Brawijaya Healthcare (Brawijaya), one of Indonesia’s leading general hospital networks. This investment was driven by Brawijaya’s strong fundamentals and growth potential, particularly in broadening healthcare services across multiple regions in Indonesia. Currently, Brawijaya operates five hospitals and two clinics located in Jakarta, Depok, Bandung, and Tangerang, positioning it for further expansion in Indonesia’s growing healthcare sector.

SRTG is confident about Brawijaya’s expansion potential, supported by a strong management team with deep expertise in the healthcare sector. The collaboration between SRTG and Brawijaya will strengthen hospital operations and drive long-term, sustainable growth.

SRTG Finance Director Lany D. Wong explained that the company’s Loan-to-Value (LTV) ratio increased to 3.1% in 2024 from 0.5% in the previous year, reflecting SRTG’s efforts in optimizing its capital structure to support high-quality investment opportunities. Lany emphasized that this level remains well within healthy limits, ensuring strong financial flexibility and enabling the company to capitalize on market opportunities effectively.

“With a strong and efficient financial structure, SRTG is well-positioned to optimize investment opportunities in Indonesia’s dynamic market. In line with our commitment, SRTG’s investments will continue to support national economic growth and create lasting value for the broader community,” said Lany.

Update on Saratoga’s Portfolio Companies

Publicly-Listed Companies

1. PT AlamTri Resources Indonesia Tbk. (ADRO)

   In December 2024, ADRO completed the Initial Public Offering (IPO) and divestment of its thermal coal subsidiary, PT Adaro Andalan Indonesia Tbk. (AADI). Following the sale, ADRO focuses on metallurgical coal and mineral processing through PT Adaro Minerals Indonesia Tbk. (ADMR), and renewable energy. This restructuring allows each business segment to operate with a clearer strategy and growth trajectory while providing greater transparency for investors.

   To end the year, ADRO’s shareholders agreed on the distribution of USD 200 million of interim dividend which was scheduled on 15 January 2025. Additionally, MSCI has upgraded ADRO’s ESG rating from BBB to A, making it the first company in Indonesia’s coal mining sector to achieve a single A rating from MSCI.

2. PT Merdeka Copper Gold Tbk. (MDKA)

   MDKA concluded the year 2024 with strong production growth, cost efficiency, and significant project milestones. Tujuh Bukit gold mine (TB Gold) produced 115,867 ounces, meeting guidance with a total cash cost of USD1,017/oz, an all-in sustaining cost of USD1,337/oz, and an ASP of USD2,371/oz. Wetar copper mine produced 13,902 tons, staying within guidance, and achieved a cash cost of USD2.63/lb and an AISC of USD3.58/lb.

   Its subsidiary, PT Merdeka Battery Materials Tbk. (MBMA), delivered strong nickel production, primarily driven by the SCM mine. Saprolite production more than doubled to 4.9 million wmt in 2024 from 2.3 million wmt in 2023, while limonite production reached 10.1 million wmt. The increased output was accompanied by cost reductions, with saprolite and limonite cash costs decreasing by 24% and 22%, respectively, by 4Q 2024 compared to 1Q levels.

   Significant project milestones throughout 2024 include:

   1. Acid Iron Metal – AIM Plant: The pyrite plant is fully operational, and the acid plant has been running since April 2024. The chloride metals plant construction is complete, with commissioning currently underway. The copper cathode plant is in its final construction phase, with partial commissioning starting in 4Q 2024.
   2. PT ESG HPAL (JV with GEM): MBMA has partnered with GEM Co., Ltd. (GEM) to develop and operate PT ESG. The plant’s Train A autoclave, with a nameplate capacity of 20,000 tons per annum of nickel in MHP, commenced production in December 2024. Train B, with a capacity of 10,000 tons per annum, is set to begin production in 1Q 2025.
   3. HPAL 2 (PT Meiming New Energy Material): The second HPAL joint venture with GEM, PT Meiming, has a nameplate capacity of 25,000 tons per annum of nickel in MHP. Key plant components, including the autoclave, began commissioning in late 2024, supported by GEM’s existing feed preparation plant (FPP) at Indonesia Morowali Industrial Park (IMIP).
3. PT Tower Bersama Infrastructure Tbk. (TBIG)

   As of the end of 2024, TBIG managed over 42,000 tenants across nearly 24,000 telecommunication sites, including both telecommunication towers and Distributed Antenna Systems (DAS). Additionally, TBIG secured lender support to extend the maturity of its USD 325 million Revolving Credit Facility (RCF) to October 2029, effectively lengthening the average tenor of its debt obligations.

   To strengthen financial flexibility and support long-term growth, TBIG strategically diversified its debt funding sources. Under the Bond VI Program, the company successfully issued two rupiah-denominated bonds in 2024, one in February and another in November, amounting to IDR4.7 trillion. This included IDR3.9 trillion with a 370-day tenor and IDR757 billion with a three-year tenor. The proceeds will be used to refinance existing financial obligations and reinforce the company’s liquidity position.

4. PT Samator Indo Gas Tbk. (AGII)

   In September 2024, the company inaugurated its 56th plant in Batang. Equipped with the latest technology, the plant has a production capacity of 7,000 Liquid Oxygen (LOX), 7,000 Liquid Nitrogen (LIN), and 280 Liquid Argon (LAR).

   In October 2024, AGII commissioned the 57th plant in Batam, Riau Islands. The construction of the green hydrogen plant represents a strategic move of the company that will strengthen its financial growth as well as its contribution to the national clean energy transition. Produced through water electrolysis technology, the plant will produce low-carbon hydrogen, thus emphasizing AGII’s important role and commitment in supporting Indonesia’s carbon emission reduction.

Private Companies

1. Bersama Digital Asia Infrastructure (BDIA)

   BDIA’s subsidiary, Bersama Digital Data Centres (BDDC), a leading provider of in-town data centers with integrated digital systems and interconnectivity, reached a significant milestone in 2024 with the inauguration of its Tier IV data center in East Jakarta. The JST1 (Jakarta Selatan Timur) facility, BDDC’s second data center, underscores the company’s commitment to delivering reliable digital infrastructure for both local and global industry players, fostering the growth of digital technologies in Indonesia.

   JST1 offers a 5MW capacity and accommodates 1,008 racks within its eight-story facility. Looking ahead, BDDC plans to expand the capacities of its JST1 and JBT1 (Jakarta Barat Tangerang) facilities to a maximum of 32MW and 30MW, respectively, to support future growth and meet increasing demand.

2. Xurya Daya Indonesia (Xurya)

   A leading player in the rooftop solar power industry, Xurya has successfully built more than 100 MWp of capacity through 208 projects across 13 provinces in Indonesia. Xurya has helped more than 100 companies to start using solar energy, which is an important step to contribute to the reduction in carbon emissions in Indonesia. In addition, Xurya also expanded its success to remote areas such as Riau Islands in 2024.

   With its strong commitment to driving sustainable practices, Xurya was proud to become B Corp Certified and honored to receive the ESG Award 2024 for Impact Entrepreneurship Category by Yayasan Kehati. Throughout the year, Xurya helped offset an estimated 85,000 tons of CO2.

   In 2024, Xurya completed the constructions and started the operations of a total of 52 projects, including PT MC Pet Film Indonesia (MFI), PT Lautan Natural Krimerindo, FKS Group, Pacific Paint and Yakult Indonesia Persada (Sukabumi plant).

***END***

About PT Saratoga Investama Sedaya, Tbk.
Founded in 1997, PT Saratoga Investama Sedaya Tbk. (stock code: SRTG) is a leading active investment company in Indonesia. SRTG plays an active role in managing portfolio companies and investing in innovative and high growth potential companies in Southeast Asia. The company has a strong track record in identifying, developing and creating value from the companies in which we invest.

SRTG’s investment strategy continues to be refined in keeping with the changing times, evolving from our initial focus on natural resources, infrastructure and consumer products sectors to our participation in new growth sectors, including digital technology, healthcare, and renewable energy which are now flourishing and increasingly becoming central to the sustainable growth of the national economy.

SRTG’s vision is to continue to be a world-class active investment company and the partner of choice for local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For more information, please visit: www.saratoga-investama.com.

Or contact:

General :	Financials:
Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com

Jakarta, July 30, 2024 – PT Saratoga Investama Sedaya Tbk. (Saratoga, ticker code: SRTG) recorded solid cash flow throughout the first half of 2024, amounting to IDR 2.5 trillion from dividends and the monetization of the Company’s investment portfolio. Bolstered by healthy cashflow, Saratoga continues to actively optimize investment opportunities in strategic sectors that have long-term business growth prospects.

Saratoga Investment Director Devin Wirawan explained that one of the Company’s key investments during the first half of 2024 was in the healthcare sector through the acquisition of a majority stake in Brawijaya Healthcare (Brawijaya), a leading general hospital network in Indonesia. “We believe Brawijaya has a firm foundation upon which to build its growing hospital network in Indonesia. Currently, Brawijaya owns and operates five hospitals and two clinics throughout Jakarta, Depok, Bandung, and Tangerang,” said Devin in an official statement in Jakarta on Tuesday (30/7).

Saratoga is optimistic about Brawijaya’s business expansion capabilities, which are supported by a management team with strong experience in the healthcare sector. The collaboration between Saratoga and Brawijaya’s management team will strengthen the hospital operation and create sustainable business growth.

Brawijaya also focuses on developing its Centers of Excellence such as BraveHeart, which is one of the best cardiovascular centers in Indonesia. BraveHeart has a team of subspecialists, including experts in surgery, coronary intervention, pediatric cardiology, cardiac imaging, non-surgical heart valve replacement, electrophysiology, and pacemaker therapy. The BraveHeart team is led by a leading senior cardiologist, Dr. dr. Muhammad Yamin, Sp.JP (K), Sp.PD, FACC, FSCAI, FAPHRS, FHRS.

BraveHeart is equipped with advanced technologies, such as a Hybrid Operating Theatre. This modern facility allows both surgical and non-surgical procedures to be performed simultaneously on one patient with specific medical conditions.

In addition to the healthcare sector, Saratoga will continue to expand its investment in digital infrastructure, such as Bersama Digital Data Centers (BDDC), which is already part of the company’s portfolio. BDDC is an in-town data center provider featuring interconnectivity and integrated digital systems.

BDDC recently launched its second data center, JST1, in East Jakarta. JST1 is a Tier IV standard data center facility, accommodating up to 1,008 racks on eight floors of data rooms. This data center is equipped with multiple power sources and a comprehensive solution all in one BDDC platform. This solution can support data storage needs with solid operational quality as well as provide data exchange at low latency while functioning with high performance.

JST1 will complement the already operational JBT1 data center in West Jakarta. In the future, BDDC targets the expansion of the JST1 capacity to up to 32 MW and JBT1 to up to 30 MW. The inception of JST1 also proves BDDC’s high level of commitment to providing digital infrastructure services to local and global industry players in support of the progress and improvement of the quality of digital technology in Indonesia.

According to Devin, potential within the digital infrastructure sector of Indonesia is still exceptionally large. Saratoga will continue to optimize every opportunity and play an active role in driving national economic growth. “We are committed to expansion within strategic sectors that play a major role in contributing to the country’s economy, one of which is by strengthening existing investment portfolios and increasing investment in companies that have sustainable growth prospects,” said Devin.

Saratoga Finance Director Lany D. Wong added that amidst dynamic global market and economic conditions, Saratoga was able to maintain positive financial performance. The company recorded a net asset value (NAV) of IDR 49.4 trillion in the first half of 2024, or four percent quarter on quarter (QoQ) growth compared to IDR 47.5 trillion in the first quarter of 2024. This NAV gain was mainly due to the positive performance and increases in portfolio share prices, such as PT Adaro Energi Indonesia Tbk. (ADRO) and PT Merdeka Copper Gold Tbk. (MDKA), as well as growth in the non-public company portfolio.

Saratoga also managed to reduce its net debt position significantly at the end of the first half of 2024 to IDR 449 billion, compared to IDR 885 billion in the first quarter of 2024. Additionally, the company was able to maintain cost and debt ratios at healthy levels. Operating cost to NAV was 0.6 percent while loan-to-value was 0.7 percent from 0.5 percent and 1.1 percent respectively in the first half of 2023. “This reflects the solid performance of our investment portfolio and the management’s success in executing each investment strategy optimally,” Lany concluded.

***END***

About PT Saratoga Investama Sedaya Tbk

Founded in 1997, PT Saratoga Investama Sedaya Tbk. (Saratoga, stock code: SRTG) is a leading active investment company in Indonesia. Saratoga plays an active role in managing investee companies and investing in innovative and high growth potential companies in Southeast Asia. The company has a strong track record in identifying, developing and creating value from the companies in which we invest.

Saratoga’s investment strategy continues to be refined in keeping with the changing times, evolving from our initial focus on natural resources, infrastructure and consumer products sectors to our participation in new growth sectors, including digital technology, healthcare, and renewable energy which are now flourishing and increasingly becoming central to the sustainable growth of the national economy.

Saratoga’s vision is to continue to be a world-class active investment company and the partner of choice for local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth. For more information, please visit: www.saratoga-investama.com.

For more information, please visit: www.saratoga-investama.com.

Or contact:

General :	Financials:
Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com

Jakarta, 16 Mei 2024 – PT Saratoga Investama Sedaya Tbk. (“Saratoga” dengan kode saham:SRTG) akan membagikan dividen tunai sebanyak-banyaknya sebesar Rp298,43 miliar atau sekitar Rp22  per lembar saham untuk tahun buku 2023 yang diputuskan oleh para pemegang saham dalam Rapat Umum Pemegang Saham Tahunan (RUPST) yang digelar Kamis, 16 Mei 2024.

Direktur Keuangan Saratoga Lany D. Wong mengatakan, kinerja keuangan Saratoga didukung oleh pencapaian perusahaan-perusahaan portofolio dan kesuksesan strategi perusahaan dalam menjalankan investasi dan divestasi. Pada akhir tahun 2023 arus kas dividen dan hasil divestasi Saratoga mencapai level tertinggi yaitu sebesar Rp 3,9 triliun.

Menurut Lany, dengan dukungan arus kas yang sangat kuat tersebut, Saratoga memutuskan untuk membagikan dividen untuk tahun buku 2023. “Pembagian dividen ini merupakan bentuk apresiasi dari perusahaan kepada para pemegang saham atas kepercayaan dan dukungan terhadap Saratoga. Ini merupakan tahun kelima sejak tahun buku 2019, Saratoga secara konsisten memberikan dividen sebagai bentuk komitmen kepada para pemegang saham,” ujar Lany.

Lany menyampaikan bahwa Saratoga akan terus berkomitmen untuk meningkatkan value dari setiap portofolio. Selain memperkuat investasi di portofolio yang sudah matang seperti PT Adaro Energy Indonesia Tbk. (ADRO), PT Merdeka Copper Gold Tbk. (MDKA), PT Mitra Pinasthika Mustika Tbk. (MPMX) dan PT Tower Bersama Infrastructure Tbk. (TBIG), Saratoga juga terus meningkatkan investasi di sektor-sektor strategis seperti kesehatan, infrastruktur digital, dan energi terbarukan. “Kami yakin potensi investasi di Indonesia masih sangat menarik. Dengan dukungan likuiditas yang solid dan pengalaman yang sudah teruji, Saratoga akan terus mengoptimalkan setiap peluang investasi dan berperan aktif dalam mengakselerasi pertumbuhan ekonomi Indonesia,” ujar Lany.

Direktur Investasi Saratoga Devin Wirawan menyatakan, tahun 2023 merupakan momentum penting bagi Perseroan dalam menjalankan strateginya sebagai perusahaan investasi. Dengan dukungan neraca yang kuat, pada tahun lalu Saratoga sukses menjalankan strategi investasinya dengan meningkatkan kepemilikan di PT MGM Bosco Logistik (MBL) sehingga menjadi pemegang saham mayoritas.

“Kami bersyukur pada tahun 2023 Saratoga mampu mencapai rekor pendapatan dividen tertinggi dari perusahaan portofolio yang dimiliki. Hal ini menjadikan likuiditas perusahaan lebih solid sehingga membuka peluang luas untuk Perseroan untuk melakukan berbagai inisiatif strategi investasi,” imbuhnya. Devin menyatakan, tahun ini Saratoga akan terus aktif dalam menjalankan strategi investasinya. Langkah ini sejalan dengan proyeksi pertumbuhan ekonomi Indonesia yang tetap positif.

Berakhirnya proses pemilihan umum secara damai pada Februari lalu juga menjadi modal yang baik bagi pelaku usaha untuk terus berinvestasi dan mengembangkan bisnis mereka. “Kami akan tetap fokus meningkatkan investasi di sektor ekonomi yang memberikan kontribusi besar terhadap ekonomi Indonesia. Salah satu strateginya adalah memperkuat investasi di portofolio yang sudah ada atau menambah portofolio baru yang memiliki prospek pertumbuhan bisnis yang baik dalam jangka panjang,” tutup Devin.

***SELESAI***

Tentang PT Saratoga Investama Sedaya, Tbk.

Didirikan pada tahun 1997, PT Saratoga Investama Sedaya Tbk. (Saratoga, kode saham: SRTG) adalah perusahaan investasi aktif terkemuka di Indonesia. Saratoga berperan aktif dalam mengelola perusahaan investee dan berinvestasi di perusahaan yang inovatif serta memiliki potensi pertumbuhan yang tinggi di Asia Tenggara. Perusahaan memiliki rekam jejak yang kuat dalam mengidentifikasi, mengembangkan serta menciptakan nilai dari perusahaan-perusahaan dimana kami berinvestasi.

Strategi investasi Saratoga terus disempurnakan seiring dengan perubahan jaman, berkembang dari fokus awal kami pada sektor-sektor sumberdaya alam, infrastruktur dan produk konsumer hingga keikutsertaan kami di berbagai sektor pertumbuhan baru, termasuk di bidang teknologi digital, pelayanan kesehatan, dan energi terbarukan yang kini berkembang pesat dan semakin menjadi unsur penting dalam pertumbuhan perekonomian nasional yang berkelanjutan.

Visi Saratoga adalah untuk terus menjadi perusahaan investasi aktif kelas dunia dan menjadi mitra pilihan bagi investor lokal dan asing yang ingin berpartisipasi dalam dinamika pertumbuhan ekonomi Indonesia. Untuk informasi lebih lanjut, silakan kunjungi: www.saratoga-investama.com.

Atau hubungi:
General:	Financials:
Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com

Jakarta, March 18, 2024
During 2023, PT Saratoga Investama Sedaya Tbk (Saratoga, ticker code: SRTG) successfully optimized the performance of its portfolio companies resulting in strong dividend and divestment outcomes, as reflected in Saratoga’s dividend and divestment cash flow at the end of the year which reached its highest level at IDR 3.9 trillion.

Saratoga Investment Director Devin Wirawan said that 2023 was an especially important period for Saratoga to carry out its strategy as an investment company. In addition to encouraging dividend increases amid dynamic market conditions, Saratoga successfully divested and monetized mature portfolios and generated maximum returns for the company.

“We are grateful that in 2023, Saratoga achieved a record high total dividend income from the
portfolio compan ies , thus making the company’s liquidity very strong. With these cash funds, we have ample capacity to undertake various investment strateg ies , both in 2023 and in the years to come,” said Devin through an official statement in Jakarta on Monday, March 18, 2024.

With the support of a strong balance sheet, Saratoga also carried out its investment strategy in 2023 by increasing its stake in PT MGM Bosco Logistik (MBL) to become the majority shareholder.

Devin stated that in 2023, Saratoga recorded a Net Asset Value (NAV) of IDR 48.9 trillion. The NAV decreased by 20 percent compared to 2022. “The commodity price volatility throughout 2023 has impacted the share prices of Saratoga’s main portfolio companie s, namely PT Adaro Energy Indonesia Tbk ticker code: ADRO) and PT Merdeka Copper Gold Tbk ticker code: MDKA). A s a result , the share price fluctuations impacted Saratoga’s NAV at the end of last year,” explained Devin.

According to Devin,
ADRO and MDKA’s strong business fundamentals will allow them to achieve sustainable and profitable growth. Moreover, the two entities are currently positioned in several strategic sectors, namely coal, gold, and nickel commodities as well as downstream businesses, which have a direct impact on global and domestic economies.

Saratoga Finance Director Lany D. Wong revealed that Saratoga successfully strengthened its internal liquidity in 2023. This was reflected in the reduction of debt position, which resulted in interest costs decreasing by 49 percent in 2023. This success is in line with the company’s efforts to manage capital prudently amid the ongoing high global interest rate environment.

“As of December 31, 2023, we have reduced Saratoga’s net debt by 62 percent to IDR 263 billion, compared to IDR 688 billion in the previous year. Moreover, we succeeded in maintaining a healthy level of cost and debt ratio s . Operating cost to NAV was stable at 0.5 percent and loan to value was 0.4 percent compared to 1.1 percent in 2022,” Lany explained.

Lany stated that this year, Saratoga would continue to be active in implementing its investment
strategies . This step is in line with Indonesia’s projected economic growth, which remains positive. The peaceful end of the general election process in February also provided good capital for business stakeholders to continue investing and developing their businesses.

“We will remain focused on increasing investment s in economic sectors that make major contributions to the Indonesian economy. One strategy is by strengthening investments in existing portfolios or adding new portfolios which have good business growth prospects in the long term,” Lany concluded.

Saratoga Portfolio Company Update

Listed Companies

1. PT Adaro Energy Indonesia Tbk ticker code: ADRO)

   In 2023, ADRO continued to have positive performance. It recorded a coal production volume of 65.9 million tons, growing five percent year on year (yoy) with sales volume up seven percent yoy to 65.7 million tons. The achievement was above the 2023 target of 62 64 million tons.

   ADRO posted revenue in 2023 of USD 6.5 billion, down 20 percent yoy with operating earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching USD 2.6 billion, down 49 percent yoy. This was due to a 26 percent yoy decline in average coal sales price in 2023.

   Nevertheless, ADRO’s balance sheet remained at a healthy level with a net cash position of USD 1.9 billion in 2023.

   Throughout last year, ADRO successfully carried out several corporate actions, including the groundbreaking of the Mentarang Induk hydropower project in North Kalimantan in March 2023. The power plant will generate 1,375 megawatts (MW) of electricity with an estimated investment of USD 2.6 billion. It is operated under PT Kayan Hydropower Nusantara (KHN), which is owned by ADRO (50 percent), Sarawak Energy Berhad (25 percent), and PT Kayan Patria Pratama (25 percent).

   Furthermore, in May 2023, it obtained a loan of USD 1.6 billion and IDR 2.5 trillion for the construction of an aluminum smelter.

2. PT Merdeka Copper Gold Tbk ticker code: MDKA)

   In 2023, MDKA recorded an increase in gold production to 138, 666 ounces (oz), up 11 percent on an annual basis. While the average gold sales price also increased by eight percent yoy to USD 1,939/oz. Copper production fell 35 percent yoy to 12,7 06 ton s due to temporary delays in explosive shipments. Copper production has already shown recovery in the fourth quarter (Q4) of 2023.

   Meanwhile, nickel commodity in 2023 consisted of nickel matte production reaching 30,3 33 tons, while NPI production increased 68 percent yoy to 65, 1 1 7 tons as a result of the PT Zhao Hui Nickel ( ZHN smelter commissioning. The Sulawesi Cahaya Mineral (SCM) Mine will supply about half of the nickel ore demand from PT Merdeka Battery Materials Tbk (stock code: MBMA)’s smelter by 2024, thereby reducing the impact of fluctuations in global nickel prices.

   SCM Mine ore shipments jumped from 4 3 989 tons in the third quarter (Q3) of 2023 to 2.9 million tons in Q4 of 2023. SCM targets nickel ore sales of 15 million tons in 2024 (four million tons of saprolite and 11 million tons of limonite).

   In April 2023, one of MDKA’s subsidiaries, PT Merdeka Battery Materials Tbk. ticker code: MBMA successfully completed its Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX). Priced at IDR 795 per share, the IPO received staunch support from domestic and foreign investors, regional sovereign wealth funds, and strategic investors. The offering involved the issuance of 11.6 billion new shares, wit h a total new capital of IDR 9.2 trillion, equivalent to 10.7 percent of total outstanding shares.

   MBMA successfully executed a series of corporate actions:

   MBMA announced plans to develop a High Pressure Acid Leaching (HPAL) plant at Konawe Indonesia Industrial Estate in Sulawesi, Indonesia. The HPAL project will produce an equivalent of 120,000 tons of nickel per year, which will be divided into two phases. MBMA signed a Memorandum of Understanding (MoU) with Ningbo Brunp Contemporary Amperex Co. Ltd., an affiliate of Brunp CATL for the first phase.

   In June 2023, MBMA acquired a 60 percent stake (40 percent Tsingshan) in PT Huaneng Metal Industry (HNMI) for USD 75 million. It is a high grade nickel matte (HGNM) conversion facility located within the Indonesia Morowali Industrial Park (IMIP). HNMI processes low grade nickel matte (LGNM) into HGNM containing 70 percent nickel. The annual production capacity is 50,000 tons per year.

   In September 2023, MBMA signed a definitive agreement with GEM to build an HPAL plant with a capacity of 30,000 tons of nickel contained in mixed hydroxide precipitate (MHP) per

   The HPAL plant will be built in the Indonesia Morowali Industrial Park (IMIP) and operated under PT ESG New Energy Material a joint venture of MBMA and GEM with a commissioning target of late 2024 for stage 1 and mid 2025 for stage 2. The plant will also purchase and process nickel laterite ore from MBMA’s SCM Mine under a 20 year supply agreemen t.

3. PT Samator Indo Gas Tbk ticker code: AGII)

   In March 2023, CVC Capital Partners, through Matrix Company Limited, acquired a significant minority stake (32.3 percent) in AGII from existing shareholders for approximately USD 155 million. Leveraging CVC’s global network and experience, including its gl obal knowledge transfer and best practice sharing, will significantly benefit AGII.

   AGII held a groundbreaking ceremony for its new factory project at Batang Integrated Industrial Estate (KITB) in Central Java. The plant will be AGII’s 56th plant and is scheduled for commission in Q4 of 2024. AGII signed a sale and purchase agreement with KCC Glass Corporation from South Korea in November 2022. KCC is also building a plant at the KITB, which is projected to be one of the largest plants in Southeast Asia.

Non Listed Companies :

4. MGM Bosco Logistik (MBL)

   MBL is an end to end cold chain logistics service provider ranging from warehousing , transportation, to logistics solutions with more than 20 years of experience in the industry. MBL currently owns and manages four cold storage facilities with a total capacity of more than 35,000 pallet positions. The locations are spread across South Sumatra, West Java, East Java, and South Sulawesi.

   As one of the largest end to end cold chain logistics service providers in Indonesia, MBL operates nearly 1,000 refrigerated trucks equipped with thermo loggers and a GPS. The facility allows customers to monitor shipment status and product temperature.

   In line with Saratoga’s commitment to increase MBL’s business capacity, in 2023, Saratoga increased its shareholding in the company to become the majority shareholder.

5. Bersama Digital Infrastructure Asia (BDIA)

   As part of BDIA, Bersama Digital Data Centers (BDDC) was launched in 2023, which owns and operates carrier neutral data centers within the city in several strategically connected locations in the Jakarta area.

   BDDC has acquired two sites: PT Rumah Data Kita (South Jakarta), which is still under construction, and PT PCDC Propco One AtriaDC (West Jakarta), which is operational. BDDC has a total design capacity of up to 60MW and occupies a data room area exceeding 20,000 square meters, with the potential to accommodate more than 9,000 racks.

6. Xurya Daya Indonesia (Xurya)

   Xurya is a solar developer that is trusted by more than 100 companies to install and operate rooftop solar power plants on their buildings. The number of rooftop solar power plants in operation has reached 150 projects spread across 11 provinces in Indones ia. Xurya was recognized in the Forbes Asia “100 to Watch List”.

   Xurya has established a strategic partnership with PLN Icon Plus and PLN UID West Java. Together with PLN, Xurya will create a business collaboration plan for renewable energy utilization, provision of photovoltaic systems, energy management systems, carbo n management, and renewable energy certification.

   By 2023, Xurya successfully doubled its energy capacity with an estimated carbon offset of at least 54,000 tons of CO2 between January to December 2023.

   Throughout 2023, Xurya completed construction and operated 58 new projects at several locations, such as Trans Shopping Mall Group, Plaza Indonesia, PT Sariguna Primatirta (CLEO), PT Serena Indopangan Industri (Khong Guan Group), and Surabaya Islamic Hospital Jemursari.

***END***

About PT Saratoga Investama Sedaya Tbk

Founded in 1997, PT Saratoga Investama Sedaya Tbk (Saratoga, ticker code: SRTG) is a leading active investment company in Indonesia. Saratoga plays an active role in managing investee companies and investing in innovative companies with high growth potential across Southeast Asia. The company has a strong track record of identifying, developing, and creating value from the companies in which we invest.

Our investment strategy has been refined to adapt to the changing times, evolving from our initial focus on natural resources, infrastructure, and consumer sectors to our participation in other new emerging sectors, including the rapidly expanding digital technology sector that has grown to become a major main driver of Indonesia’s sustainable economic growth.

Saratoga’s vision is to continue to be a leading world-class active investment company and the partner of choice for both local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For more information, please visit: www.saratoga-investama.com.

Or contact:

General :	Financials:
Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com

Jakarta, October 30, 2023 – PT Saratoga Investama Sedaya Tbk. (Saratoga, ticker code: SRTG) has successfully maintained the stability of the company’s performance amidst market fluctuations as well as the dynamic domestic and global economic conditions. As of the third quarter of 2023 (Q3-2023), Saratoga booked IDR 2.9 trillion of cash flow from dividends, up 35 percent compared to the same period last year. Saratoga’s Net Asset Value (NAV) in Q3-2023 reached IDR 49.8 trillion.

Saratoga President Director Michael William P. Soeryadjaya stated that the dynamic global economy had impacted multiple business sectors across the globe, including Indonesia. Furthermore, energy and commodity prices continue to fluctuate with global inflation and interest rates remaining high. In response, Saratoga has implemented its investment strategy in a more prudent and disciplined manner, prioritizing strong cash flow management.

“We remain focused on increasing the value of Saratoga’s existing portfolio companies. We are certain that the new business lines being developed within our portfolio companies will continue to strengthen Saratoga’s investment fundamentals,” Michael said in an official statement in Jakarta, (30/10).

Among its strategic investments, Saratoga supports the business fortification of PT Merdeka Battery Materials Tbk. (MBMA), a subsidiary of MDKA that focuses on the electric vehicle battery supply chain. To further cement its position in the battery supply chain, MBMA has signed an agreement with GEM Co., Ltd. (GEM) to build a high-pressure acid leach (HPAL) processing plant with a production capacity of 30,000 tons of nickel in mixed hydroxide precipitate (MHP) annually.

The HPAL plant will be built in the Indonesia Morowali Industrial Park (IMIP) and operated under PT ESG New Energy Material – a joint venture between MDKA and GEM – with an operational target of late 2024 for phase 1 and mid-2025 for phase 2. The plant will also purchase and process laterite nickel ore from MBMA’s Sulawesi Cahaya Mineral (SCM) Mine under a 20-year supply agreement.

GEM is a global leader in renewable energy and waste recycling. It is listed on the Shenzhen Stock Exchange (ticker code: 002340) and the SIX Swiss Exchange (ticker code: GEM) with a current market capitalization of approximately USD 4.4 billion.

“Additionally, Saratoga will continue to optimize every investment opportunity across strategic sectors that have a major impact on the sustainability of the national economy. These sectors include healthcare, consumer products, digital infrastructure, and renewable energy sectors,” Michael added.

PT Saratoga Investama Sedaya Tbk. Investment Director Devin Wirawan explained that Saratoga’s performance had also been supported by optimal operational efficiency, as reflected in the low cost and debt ratio. As of Q3-2023, the annualized operating costs to NAV ratio stood at 0.5 percent, and the loan ratio was 0.3 percent, compared to 0.3 percent and 0.9 percent, respectively, in the same period last year.

“During this period, we have also successfully reduced our interest costs by 52 percent year-on-year (yoy) due to a decrease in net debt. Currently, Saratoga’s net debt is IDR 166 billion, down 72 % yoy from IDR 588 billion,” Devin explained.

**End**

About PT Saratoga Investama Sedaya Tbk

Founded in 1997, PT Saratoga Investama Sedaya Tbk (Saratoga, ticker code: SRTG) is a leading active investment company in Indonesia. Saratoga plays an active role in managing investee companies and investing in innovative companies with high growth potential across Southeast Asia. The company has a strong track record of identifying, developing, and creating value from the companies in which we invest.

Our investment strategy has been refined to adapt to the changing times, evolving from our initial focus on natural resources, infrastructure, and consumer sectors to our participation in other new emerging sectors, including the rapidly expanding digital technology sector that has grown to become a major main driver of Indonesia’s sustainable economic growth.

Saratoga’s vision is to continue to be a leading world-class active investment company and the partner of choice for both local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For more information, please visit: www.saratoga-investama.com.

Or contact:

General :	Financials:
Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com

Jakarta, July 28, 2023 – PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG) has successfully strengthened its cash flow as a result of optimal investment strategy. Saratoga recorded dividend income of IDR 1.5 trillion in the first semester of 2023, up nine percent as compared to the same period last year. Saratoga’s portfolio companies have continued to record positive operational performance amid a dynamic and challenging capital market condition. This achievement is also an indication of Saratoga’s solid investment strategy.

As an investment company, Saratoga recorded a net asset value (NAV) of IDR 47.5 trillion in the first half of 2023. Supported by strong cash flow, Saratoga was able to distribute cash dividends of IDR 1 trillion for fiscal year 2022, translating to approximately IDR 75 per share and a dividend yield of 4.4 percent. The cash dividend marked a 28 percent increase from the previous year’s dividend, which was IDR 810 billion, or IDR 60 per share.

Saratoga Investment Director Devin Wirawan stated that the increase in dividend income from portfolio companies further strengthened Saratoga’s performance in terms of stable and growing cash flow. “The company’s disciplined implementation of investment strategies drives the value accretion of our overall portfolio. We consistently optimize every new investment opportunity as a strategic step to maintain long-term growth in portfolio value,” said Devin through an official statement in Jakarta, (28/7).

According to Devin, as a country with steadily growing population, abundant natural resources, and positive economic growth, Indonesia continues to offer promising investment prospects. Therefore, Saratoga will continue to strengthen its investment in sectors that are strategically important in driving Indonesia’s economic growth going forward.

“The company is committed to enhancing its existing investment portfolio, especially in digital infrastructure and renewable energy, and diversifying into other sectors including healthcare and consumer product through collaboration with strategic partners. We believe these initiatives will provide positive and sustainable results,” he added.

Saratoga Finance Director Lany D. Wong revealed that throughout the first semester of 2023, Saratoga was able to maintain healthy cost and debt ratios with operational costs at 0.5 percent of NAV and loan to value of 1.1 percent. “In addition to strong cash flow, this achievement was also attributed to Saratoga’s prudent approach in operations and capital management.” she added.

In the midst of high interest rate climate, Saratoga successfully reduced interest costs in the first half of 2023 by 53 percent as compared to first half of 2022, through debt reduction initiative. The company’s net debt position in this period was IDR 507 billion, against IDR 688 billion at the end of 2022.

Lany explained that during this period, share prices in a number of Saratoga’s listed portfolios experienced a decline, including PT Adaro Energy Indonesia Tbk. (ticker code: ADRO) and PT Merdeka Copper Gold Tbk. (ticker code: MDKA). This impacted the NAV value and the company’s profit/loss position. However, Lany emphasized that the recorded losses in the first half of 2023 were mostly unrealized and were only recorded on the profit/loss statement.

“As an investment company, Saratoga always adjusts the value of each portfolio on a mark to market basis. With the company’s strong liquidity, we are optimistic that we would be able to take advantage of new investment opportunities to create value for shareholders through growth in NAV and dividend distribution,” Lany explained.

The value of Saratoga’s listed portfolios are affected by various factors including rising inflation, interest rates, and commodity prices movements. Saratoga always prepares a comprehensive and measured strategy to adapt to any challenging situations.

Investment Company Corporation Action

PT Merdeka Battery Materials Tbk. (ticker code: MBMA)

• In June 2023, MBMA acquired a 60 percent stake in PT Huaneng Metal Industry (HNMI), a high-grade nickel matte (HGNM) conversion facility located in Indonesia Morowali Industrial Park (IMIP). HNMI processes low grade nickel matte (LGNM) produced by the RKEF smelter and produces HGNM products containing more than 70 percent nickel.
  
• This acquisition will strengthen MBMA’s cash flow and generate additional profit margins from the sale of nickel matte, which is the main raw material for battery precursors and class 1 nickel products (99.8 percent nickel content).

Bersama Digital Infrastructure Asia Pte. Ltd. (BDIA)

• In May 2023, BDIA launched Bersama Digital Data Centers (BDDC), an in-town data center platform that serves as a hub of interconnectivity, equipped with an integrated digital ecosystem.
• As a data center platform, BDDC already has two in-town data centers located in Daan Mogot and MT Haryono, with a total capacity of more than 60MW.
• BDDC has a data hall area of 20,000 square meters with a potential capacity of over 9,000 racks.

**End**

About PT Saratoga Investama Sedaya Tbk

Founded in 1997, PT Saratoga Investama Sedaya Tbk (Saratoga, ticker code: SRTG) is a leading active investment company in Indonesia. Saratoga plays an active role in managing investee companies and investing in innovative companies with high growth potential across Southeast Asia. The company has a strong track record of identifying, developing, and creating value from the companies in which we invest.

Our investment strategy has been refined to adapt to the changing times, evolving from our initial focus on natural resources, infrastructure, and consumer sectors to our participation in other new emerging sectors, including the rapidly expanding digital technology sector that has grown to become a major main driver of Indonesia’s sustainable economic growth.

Saratoga’s vision is to continue to be a leading world-class active investment company and the partner of choice for both local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For more information, please visit: www.saratoga-investama.com.

Or contact:

General :	Financials:
Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com

Jakarta, March 13, 2023 – PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG), an active investment company, recorded a Net Asset Value (NAV) of IDR 60.9 trillion in 2022, an increase of approximately eight percent from IDR 56.3 trillion in 2021. The strong NAV growth, despite pressures from multiple economic factors over the past year, is proof of the solid investment strategy and the robust business fundamentals within Saratoga’s investment portfolio.

Saratoga President Director Michael William P. Soeryadjaya explained that in 2022, dividends earned from portfolio companies reached IDR 2.6 trillion. This achievement reflects an increase of 57 percent on a year-on-year basis and is the highest dividend income ever for Saratoga.  PT Adaro Energy Indonesia Tbk. (ADRO) and PT Mitra Pinasthika Mustika Tbk. (MPMX) contributed the largest dividends last year.

“We would like to express our appreciation for the outstanding performance of our investment portfolios – such as ADRO, MDKA, TBIG, MPMX, as well as our other portfolios – for successfully optimizing available business opportunities and generating record dividend income for Saratoga. The positive NAV growth and dividend yield are also a testament to the capability of Saratoga’s human resources, as they were able to adapt the company’s investment strategy amidst an unfavorable economic climate and volatile capital market in 2022,” explained Michael William P. Soeryadjaya in an official statement in Jakarta on Monday (13/3).

Michael said that amid surging inflation and rising interest rates, both globally and domestically, Saratoga reduced its debt to IDR 1.6 trillion in 2022, down more than 60 percent compared to 2021. This also resulted in the company’s low net debt of IDR 688 billion. As a result of solid and prudent cashflow management, Saratoga is in a favorable position to participate in quality investment opportunities that are in line with the company’s investment DNA.

“Saratoga closed 2022 with solid capital reserves, giving the company ample room to execute its investment strategy. Our hope is that the growth of Saratoga’s investment portfolio will continue to contribute to economic development and create more jobs for Indonesia,” Michael said.

Saratoga Director of Investment Devin Wirawan stated that amid various economic pressures and increasing investment volatility across the globe, management has successfully maintained both the operating expense and debt position within the favorable limits in 2022. The ratio of operating expense to NAV was 0.4 percent, while the ratio of loan to NAV decreased significantly to 1.1 percent from 5.8 percent in 2021.

“The success of maintaining healthy cost and debt position indicates that proper investment planning, supported by efficient, prudent, and measured capital management, have enabled Saratoga to achieve solid performance in a highly challenging year. Saratoga’s well-rounded experience and ability to execute investment strategies during the COVID-19 pandemic in the past three years have also driven the company’s NAV to a record high in 2022,” Devin added.

SARATOGA’S 2022 INVESTMENT PORTFOLIO

Public Companies

• PT Adaro Energy Indonesia Tbk. (ticker code: ADRO)

  In 2022, ADRO successfully recorded its all-time highest net profit of USD 2.49 billion, or around IDR 38 trillion. The 167 percent increase compared to 2021 was driven by increased sales volume and high average coal prices throughout 2022.

  As a result of its brilliant performance, ADRO announced its largest interim dividend of USD 500 million for the 2022 financial year. This is an increase of 67 percent from the 2021 interim dividend of USD 300 million.

  ADRO also successfully listed its non-coal thermal business unit, PT Adaro Minerals Indonesia Tbk. (ADMR) on the Indonesia Stock Exchange (IDX). ADMR is the operator of the metallurgical coal production and aluminum smelter projects. Metallurgical coal is a key component in the production of stainless steel, while aluminum is used in solar panels and electric vehicles, among others. Hence, playing an instrumental role in driving the green energy transition.

  In November 2022, ADMR signed a memorandum of understanding (MoU) with Hyundai Motor Company (Hyundai) for the provision of a steady supply of aluminum. Both companies agreed to form a comprehensive partnership for the production and supply of aluminum with a potential volume of 50,000-100,000 metric tons per year for Hyundai.

• PT Merdeka Copper Gold Tbk. (ticker code: MDKA)

  In 2022, MDKA acquired a world-class nickel mine and nickel smelter project, consolidated under the Merdeka Battery Materials (MBM) entity. Its assets include:

  1. Sulawesi Cahaya Mineral (SCM) Nickel Mine, one of the world’s largest undeveloped nickel resources. The Joint Ore Reserve Committee (JORC)’s total resources amount to over 1.1 billion dmt at 1.22 percent Ni, containing 13.8Mt of nickel, and at 0.08 percent Co, containing 1.0Mt of cobalt;
  2. Cahaya Smelter Indonesia (CSI) and Bukit Smelter Indonesia (BSI), two rotary kiln-electric furnace (RKEF) nickel smelters that are operational and cash-flow generating with a combined production capacity of 38 ktpa of nickel;
  3. Zhao Hui Nickel (ZHN), currently building an RKEF nickel smelter with an installed capacity of 50ktpa and aiming to start operation in July 2023;
  4. Acid Iron Metal (AIM), which will process pyrite ore from the Wetar Copper Mine and produce steam, sulfuric acid and iron, as well as gold and silver. Demand for sulfuric acid is expected to increase significantly, driven by the construction of additional high-pressure acid leach (HPAL) plants in Indonesia. AIM’s first production is expected to commence in the second half of 2023;
  5. Indonesia Konawe Industrial Park (IKIP), a joint venture with Tsingshan to develop a downstream nickel processing industrial zone within SCM’s area (IUP).

  Last year, MDKA successfully issued 1.2 billion new shares, raising a total of USD 235 million in funds. Through this corporate action, Contemporary Amperex Technology Co., Ltd. (CATL) has become MDKA’s strategic partner with a five percent stake in the company. CATL is a global leader in the development and manufacturing of lithium-ion batteries and is listed on the Shenzhen Stock Exchange.

  The partnership has created opportunities for joint investment in mineral resources for the battery metal value chain, such as nickel, cobalt, lithium, copper, manganese, and aluminum.

• PT Mitra Pinasthika Mustika Tbk. (ticker code: MPMX)

  In May 2022, MPMX developed a strategic partnership with CARRO, the largest and fastest-growing used car market in Southeast Asia. CARRO invested IDR 784 billion through the acquisition of a 50 percent stake in MPMRent, one of MPMX’s business units.

  CARRO is poised to bring technology and digitization capabilities (e.g., Big Data, AI, and relevant pricing algorithms) to create Indonesia’s only integrated online and offline automotive ecosystem. It will offer complete products and services, ranging from marketplace, leasing, and financing to insurance, serving both B2B and B2C markets.

  The strategic partnership with CARRO continues to create new synergy and bring forth future initiatives, including:

  1. Integration of CARRO’s wholesale business into the MPMRent Auction, which is already taking place;
  2. Exploration of new initiatives: electric vehicle leasing and subscription models;
  3. Optimization of potential for collaboration opportunities in automotive insurance and financing products.
• PT Samator Indo Gas Tbk. (ticker code: AGII)

  In December 2022, the company changed its name from Aneka Gas Industri to PT Samator Indo Gas Tbk. This strategy expects to bring Samator closer to the public and increase recognition of its products in the market.

  In November 2022, AGII began construction of a new factory in the Batang Integrated Industrial Zone (KITB), Central Java, targeting commission in the next 18-24 months. This was done after the signing of a sale and purchase agreement with KCC Glass Corporation of South Korea. KCC is building a factory in KITB, which is projected to be one of the largest in Southeast Asia.

  In August 2022, AGII started operations of its oxygen plant in Bangka Belitung for PT Timah Tbk. (TINS)’s tin refining smelter.

• PT Tower Bersama Infrastructure Tbk. (ticker code: TBIG)

  TBIG successfully operated 21,700 telecommunication tower sites and served approximately 40,700 customers until the third quarter of 2022. This is promising growth compared to the end of 2021, where the number of tower sites owned by TBIG was 20,600 with a total of 39,100 customers.

  In an effort to manage its financial flow in an efficient and disciplined manner, TBIG also successfully issued three rupiah-denominated bonds with a total value of IDR 5.4 trillion.

Private Companies

• AtriaDC

  AtriaDC owns and operates Indonesia’s scalable, purpose-built in-town data center. AtriaDC also has land reserve assets that can accommodate a total designed capacity of up to 33 megawatt (MW).

  AtriaDC provides flexibility and scalability for customer companies to connect with the global ecosystem and deliver world-class digital experience to their partners and end users. AtriaDC is strategically located near major Internet exchanges and end users, enabling low-latency connectivity that creates the best end-user experience.

• City Vision

  In 2022, City Vision successfully launched Indonesia’s most prestigious LED network, the Iconic Bundaran HI (Hotel Indonesia) Digital Network. It is a new network of five digital displays adorning the facades and interiors of the luxurious Plaza Indonesia and the legendary Grand Hyatt Hotel.

  Spanning 800 square meters, the iconic Bundaran HI Digital Network allows unlimited reach to the capital’s population of over 12 million. Tailor-made for brand leaders and renowned brands, the HI Roundabout Digital Network becomes the fourth large-scale digital display that City Vision has unveiled since 2019.

• Forest Carbon

  Forest Carbon is a premium carbon project developer founded in 2012. The company was built to benefit local communities, biodiversity, and investors through a proven business model.

  Forest Carbon’s mission is to create a globally significant climate and ecological impact through the protection of Indonesia’s rainforests and peatlands, which make up one-third of the world’s peatlands. The company specializes in the full cycle of carbon project development, from securing investment, designing and implementing projects, to securing carbon sales and running sustainable businesses.

  Forest Carbon’s flagship project includes the Sumatra Merang peatland project, which is now a successful business model for peatland restoration. The sale of carbon credits from the project to major global companies has funded operations and increased forest coverage in the project area by 23 percent. The flagship project also protects endangered species, such as the Sumatran tiger, and supports the advancement of local communities through the provision of health, education, and employment opportunities.

• Xurya

  Xurya has successfully completed additional Series A funding, bringing its total Series A funding round to USD 33 million. To strengthen the market, Xurya also developed strategic partnerships with Mitsui Co., Ltd. and PT Surya Semesta Internusa Tbk. (SSIA).

  In 2022, Xurya won 1st place in the G20 Digital Innovation Network 2022 for the Green and Renewable Energy category, representing Indonesia among other G20 countries.

  Throughout 2022, Xurya opened new branch offices in Medan, Surabaya, and Semarang. The company also completed 28 projects at several large companies, such as Bungasari Flour Mills (FKS Group), Quty Karunia (IKEA supplier), Arwana Citramulia Tbk., Unicharm Indonesia Tbk., Santika Banyuwangi and Palembang Hotels – as well as at the Java Integrated Industrial and Port Estate (JIIPE).

***END***

About PT Saratoga Investama Sedaya Tbk

Founded in 1997, PT Saratoga Investama Sedaya Tbk (Saratoga, ticker code: SRTG) is a leading active investment company in Indonesia. Saratoga plays an active role in managing investee companies and investing in innovative companies with high growth potential across Southeast Asia. The company has a strong track record of identifying, developing, and creating value from the companies in which we invest.

Our investment strategy has been refined to adapt to the changing times, evolving from our initial focus on natural resources, infrastructure, and consumer sectors to our participation in other new emerging sectors, including the rapidly expanding digital technology sector that has grown to become a major main driver of Indonesia’s sustainable economic growth.

Saratoga’s vision is to continue to be a leading world-class active investment company and the partner of choice for both local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For more information, please visit: www.saratoga-investama.com.

Or contact:

General :	Financials:
Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com

Jakarta – PT Saratoga Investama Sedaya Tbk. (Saratoga, ticker code: SRTG), an active investment company has booked strong performance amid the turbulent global and domestic economic conditions. By the end of the third quarter (Q3) of 2022, Saratoga recorded IDR 64.9 trillion in Net Asset Value (NAV). The achievement represents a 42 percent year-on-year increase compared to the same period in 2021 with NAV of IDR 45.8 trillion.

Saratoga President Director Michael William P. Soeryadjaya explained that Saratoga’s NAV growth amid the high global volatility showed that the Company’s investment strategy had been executed effectively. This is further reflected in Saratoga’s ability to post a net profit – attributable to shareholders – of IDR 7.1 trillion over the first nine months of 2022. In Q3 2022 alone, the Company succeeded in generating IDR 3.8 trillion in net profit, a significant improvement from the net loss of IDR 253 billion in Q2 2022.

“Solid dividend income and investment portfolio value accretion have served as the main catalysts in strengthening Saratoga’s fundamentals through the end of September 2022. We strive to maintain this growth momentum and optimize the performance of each investment portfolio to ensure sustainable positive trajectory and meaningful contribution to Indonesia’s economic growth,” Michael William P. Soeryadjaya explained in a formal statement in
Jakarta on Monday (31/10).

By the end of Q3 2022, Saratoga recorded dividend income of IDR 1.4 trillion, 58 percent higher compared to the same period in 2021. The dividend was largely attributed to PT Adaro Energy Indonesia Tbk. (ADRO), PT Mitra Pinasthika Mustika Tbk. (MPMX), and PT Tower Bersama Infrastructure Tbk. (TBIG).

“We are optimistic that Indonesia can continue to create investment opportunities with promising growth potential in the long term. Equipped with long-term experience in project executions and capable human resources, Saratoga is more than ready to move forward with our investments in several strategic sectors, such as digital infrastructure, healthcare services, renewable energy, and consumer goods,” Michael said.

Debt Reduction

Amid the upward trend of inflation and surging interest rates across the globe, including in Indonesia, the Company has continued to solidify its balance sheet through a debt reduction strategy and operational efficiency. By the end of Q3 2022, Saratoga had successfully deleveraged its debt position further by 29 percent to IDR 1.7 trillion compared to IDR 2.4 trillion in the first semester of 2022.

The debt reduction is part of the Company’s efforts to maintain operational efficiency and keep the debt and cost ratios at a healthy level. By the end of Q3 2022, Saratoga had recorded an annualized operating costs-to-NAV ratio of 0.3 percent and a loan-to-value ratio of 0.9 percent.

Saratoga Investment Director Devin Wirawan disclosed that Saratoga’s liquidity remained strong where the cash balance at the end of Q3 2022 stood at IDR 1.1 trillion. “Backed by strong liquidity and low debt ratio, Saratoga will be able to optimize each investment opportunity that becomes available to us. We are exploring several investment opportunities that are aligned with Saratoga’s business strategy,” Devin concluded.

*End*

About PT Saratoga Investama Sedaya Tbk

Founded in 1997, PT Saratoga Investama Sedaya Tbk (Saratoga, ticker code: SRTG) is a leading active investment company in Indonesia. Saratoga plays an active role in managing investee companies and investing in innovative companies with high growth potential across Southeast Asia. The company has a strong track record of identifying, developing, and creating value from the companies in which we invest.

Our investment strategy has been refined to adapt to the changing times, evolving from our initial focus on natural resources, infrastructure, and consumer sectors to our participation in other new emerging sectors, including the rapidly expanding digital technology sector that has grown to become a major main driver of Indonesia’s sustainable economic growth.

Saratoga’s vision is to continue to be a leading world-class active investment company and the partner of choice for both local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For more information, please visit: www.saratoga-investama.com.

Or contact:

General :	Financials:
Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com

Jakarta, July 29 2022—PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG) has successfully optimized its investment growth in line with the economic recovery. In the first semester of 2022, Saratoga has posted a dividend income of IDR 1.4 trillion, up by 58 percent compared to IDR 866 billion in the first semester of 2021. The dividend income was largely contributed by PT Adaro Energi Indonesia Tbk. (ADRO) and PT Mitra Pinasthika Mustika Tbk. (MPMX). Meanwhile, the increase in the value of its portfolio companies has propelled Saratoga’s Net Asset Value (NAV) to IDR 60 trillion, a 29 percent growth compared to the NAV in June 2021 (IDR 46.5 trillion).

Saratoga’s President Director Michael William P. Soeryadjaja explained that the consistent growth in NAV further underlined the Company’s success in implementing its investment strategy across different economic conditions. The strong performance of Saratoga’s portfolio companies that is in line with the economic recovery also demonstrated that Saratoga’s investments play a key role in Indonesia’s economic growth.

“We believe that Saratoga’s portfolio still has a vast potential for growth, which will ensure that the Company’s investment value will continue to increase. Saratoga will also continue to invest in strategic sectors that have broad impact to the nation’s economic revival,” Michael explained in an official statement in Jakarta (29/7).

Saratoga has taken several steps to optimize future investment opportunities. Among them, Saratoga has divested 3 percent of the Company’s shares in PT Tower Bersama Infrastruktur Tbk. (TBIG), valued at IDR 2.2 trillion, to Digital Bersama Infrastructure Asia Pte. Ltd. (BDIA). The divestment is part of an internal restructuring initiative carried out by Saratoga, together with Provident Group, to strengthen its investment strategy in the digital infrastructure sector, which includes telecommunication tower, fiber optic, and data center. Following the divestment of TBIG shares, Saratoga now owns 35.2 percent of BDIA and 9.3 percent of TBIG through a wholly owned subsidiary.

“The divestment of TBIG shares to BDIA is to strengthen the strategy and execution of Saratoga’s investment plans, including the collaboration with new partners. As part of the restructuring, we have successfully signed a partnership with Macquarie Asset Management as our strategic partner at BDIA,” said Michael.

New Investments

Saratoga’s Investment Director Devin Wirawan said that during the first semester of 2022, Saratoga has made several new investments to expand its portfolio. This includes investment into AtriaDC, a green in-town data center. Saratoga’s investment in AtriaDC is a form of our commitment and support for the acceleration of digitalization needed to promote Indonesia’s economic growth.

Saratoga has also made a new investment in Forest Carbon, a premium carbon project developer that was founded in 2012. Forest Carbon conserves forests and wetlands from deforestation, protects biodiversity, and empowers local communities, ensuring their prosperity and well-being. These activities generate carbon credits that can be utilized by leading global companies to support the fight against climate change.

The carbon credit business is one of the many emerging new industries, considering Indonesia’s large carbon reserves, which include abundant rainforests and critical wetland areas, where Indonesia constitutes one third of all peatlands in the world.

“Forest Carbon’s projects have been successful in restoring peatlands, protecting endangered species including the Sumatran tiger, and supporting local communities by providing health, education, and job opportunities. Protecting and preserving Indonesia’s nature is an important investment for Saratoga, as the implications of these efforts also help mitigate climate change,” said Devin.

Devin affirmed that Saratoga’s investment would continue to prioritize the principles of prudence, discipline, measured, and efficiency. This is reflected in the ratio of the Company’s annualized operating expenses to NAV at a mere 0.3 percent and the net debt to NAV ratio only at 0.5 percent. By the end of the first semester, Saratoga’s net debt stood at IDR 296 billion, a significant reduction from IDR 3 trillion at the end of the first quarter of 2022. Thanks to the Company’s efficiency and strong portfolio performance, Saratoga managed to strengthen its financial position in the first semester of 2022.

“Efficiencies in operating costs and borrowing costs are also part of Saratoga’s investment strategy. With the current debt position, Saratoga is fundamentally in a much stronger position to deploy more investments in the future,” concluded Devin.

Corporate Actions of Investment Portfolios

PT Merdeka Copper Gold Tbk. (MDKA)

• MDKA has increased its indirect ownership in two Rotary Kiln Electric Furnace (RKEF) smelters already in operation, namely Cahaya Smelter Indonesia and Bukit Smelter Indonesia. Investments in the two companies were carried out by MDKA’s subsidiary, PT Hamparan Logistik Nusantara (HLN), which increased its ownership from 28.4 percent and 49.0 percent to 50.1 percent in both entities.
• HLN has also acquired a 50.1 percent stake in PT Zhao Hui Nickel, which is currently building a four-line RKEF smelter located in Indonesia’s Morowali Industrial Park that is targeted to be commissioned by 2023.
• Contemporary Amperex Technology Co. Ltd. (CATL) has become a strategic partner of MDKA with a current ownership stake of 5 percent in the company. CATL is a global leader in lithium-ion battery development and manufacturing and is listed on the Shenzhen Stock Exchange. Together with MDKA, CATL will explore investments in mineral resources for the battery metal value chain, such as nickel, cobalt, lithium, copper, manganese, and aluminum.

PT Mitra Pinasthika Mustika Tbk. (MPMX)

• To optimize opportunities in the automotive business, MPMX has established a strategic partnership with CARRO, the largest and fastest-growing used car marketplace in South East Asia, where CARRO has acquired a 50 percent stake in MPMRent for IDR784bn.
• The synergy between MPMRent and CARRO will drive technology-based business optimization and digitization such as Big Data, Artificial Intelligence, and relevant pricing algorithms. The objective is to create an integrated online and offline automotive ecosystem by offering a comprehensive line up of products and services ranging from marketplace, rentals, financing, to insurance for the B2B and B2C markets.

**END**

About PT Saratoga Investama Sedaya Tbk

Founded in 1997, PT Saratoga Investama Sedaya Tbk (Saratoga, ticker code: SRTG) is a leading active investment company in Indonesia. Saratoga plays an active role in managing investee companies and investing in innovative companies with high growth potential across Southeast Asia. The company has a strong track record of identifying, developing, and creating value from the companies in which we invest.

Our investment strategy has been refined to adapt to the changing times, evolving from our initial focus on natural resources, infrastructure, and consumer sectors to our participation in other new emerging sectors, including the rapidly expanding digital technology sector that has grown to become a major main driver of Indonesia’s sustainable economic growth.

Saratoga’s vision is to continue to be a leading world-class active investment company and the partner of choice for both local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For more information, please visit: www.saratoga-investama.com.

Or contact:

General :	Financials:
Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com