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

Jakarta, March 14, 2022 – PT Saratoga Investama Sedaya Tbk. (Saratoga, ticker code: SRTG), an active Indonesia-based investment company, has booked the highest Net Asset Value (NAV) in the company’s history, amounting to IDR 56.3 trillion, in large due to increase in the unrealized mark-to-market value of the company’s portfolio. This figure is an increase of 78 percent from the company’s NAV of IDR 31.7 trillion in 2020.

Saratoga President Director Michael William P. Soeryadjaya said that Saratoga’s portfolio companies’ ability to tap into opportunities during the national economic recovery from the COVID-19 pandemic in 2021 was key to the stellar performance of the company. Supported by strong fundamentals and a strategic business sector, the share prices for the majority of Saratoga’s portfolio soared last year.

“One of the factors that contributed to the growth of Saratoga’s NAV last year was the surge in share prices of virtually our entire investment portfolio especially PT Tower Bersama Infrastructure Tbk. (TBIG), PT Adaro Energy Tbk. (ADRO), PT Merdeka Copper Gold Tbk. (MDKA), and PT Mitra Pinasthika Mustika Tbk. (MPMX),” Michael said in an official statement in Jakarta on Monday, March 14, 2022.

Michael explained that the increase in share price was in line with the solid financial performance. This is evident from the contributions of the companies to Saratoga’s dividend income, which reached IDR 1.65 trillion throughout 2021, up 120 percent from 2020’s IDR 750 billion.

“We appreciate the strategic and tactical steps taken by Saratoga portfolio companies, as it has allowed them to optimize the momentum of economic growth, which has continued to gain traction since last year. Moving forward, Saratoga will continue to be actively involved in the process of growing and strengthening the business fundamentals of each of the companies in our investment,” Michael explained.

Investment in Start-ups

In accordance with Saratoga’s commitment to driving national economic growth, the company also continues to seek and optimize opportunities through new investments. In 2021, the company undertook a number of monumental steps by investing in three start-ups, namely Xurya Daya Indonesia (Xurya), SIRCLO, and Fuse. Saratoga also invested in the digital and advertising company, City Vision. Furthermore, by the end of December 2021, Saratoga had increased its stakes in PT Mitra Pinasthika Mustika Tbk. (MPMX) and PT Aneka Gas Industri Tbk. (AGII) compared to 2020 – from 52.21 percent to 56.69 percent and from 8.39 percent to 9.31 percent, respectively.

Saratoga Investment Director Devin Wirawan explained that new investments, be that in a start-up or digital media, are further reflections of the company’s strategy in which it is actively tapping into the opportunities within the ever-growing digital and infrastructure sectors. Saratoga is also proactively assisting the new investment in developing their future strategies and executing their business plan in a measured and optimal manner.

“Throughout 2021, Saratoga’s total investments reached approximately IDR 1.32 trillion. We are confident that this investment strategy will be able to keep the company’s performance on a strong trajectory and sustain our business longevity,” he explained.

Devin also said that amid a highly dynamic economy in 2021, Saratoga did exceptionally well in maintaining its operating efficiency and strong balance sheet capability. “The ratio of our operating costs to NAV was 0.3 percent, while the loan ratio was around 5.8 percent. We will continue to ensure that there is further room for operating cost and borrowing cost efficiencies,” Devin added.

The following are the profiles of Saratoga’s new investee companies in 2021:

1	City Vision
	As the leading and most innovative outdoor media company in Indonesia, City Vision grows its business by providing in-depth brand recall and in-depth site effectiveness research products to both advertisers and advertising agencies. Armed with a digital creative team that has proven skills for the formulation of digital campaign strategies, City Vision is also a leader in public transport media (Transit). City Vision reaches the largest and busiest commuter line train station network in Jakarta, with potential passenger traffic of nearly 10 million people every week.
2	Xurya Daya Indonesia (Xurya)
	Xurya is a market-leading renewable energy company that provides industry players with an easy transition to solar energy through long-term leasing contracts. The company currently operates close to 60 rooftop solar assets, including another 38 sites still under construction, representing multiple consumer sectors, such as manufacturing, logistics, hotels, and shopping malls. As a company that focuses on supporting government initiatives to reduce carbon gas emissions, Xurya also offers a one-stop solution for solar power needs, which includes feasibility studies, installation to operation, and maintenance.
3	SIRCLO
	The company is Indonesia’s leading e-commerce solution that helps businesses venture into the online market. SIRCLO offers two categories of solutions, namely entrepreneur solutions (SIRCLO Store – a dashboard for online store management) and enterprise solutions (i.e. SIRCLO Commerce – e-commerce enabler services and technologies for omni-channel development via iCube). Currently, SIRCLO has served more than 100,000 brands for the development of their online business such as Unilever, Reckitt Benckiser, KAO, L’Oréal, and Levi’s.
4	Fuse
	The company is an insuretech platform, connecting various insurance products from numerous insurance companies to various distribution facilities, channels, and partners. Fuse, and the technology it develops, makes insurance more accessible, instantly available, and affordable for everyone.

2021 Performance of Investee Companies

PT Tower Bersama Infrastructure Tbk. (TBIG)

TBIG’s performance has increasingly gained momentum amid the wave of digitalization that has occurred since the COVID-19 pandemic in the last two years. Until the third quarter of 2021, TBIG had operated 20,000 sites with 38,000 tenants, an increase from 16,000 sites and 32,000 tenants in 2020.

In 2021, TBIG acquired 3,000 towers from PT Inti Bangun Sejahtera Tbk (IBST) that are valued at USD 280 million and funded using internal funding as well as bank facilities. In 2021, TBIG also issued two USD bonds worth a total of USD 650 million, both secured BBB- ratings by Fitch Ratings Ltd and five rupiah bonds totaling IDR 6.5 trillion.

PT Merdeka Copper Gold Tbk. (MDKA)

In 2021, the company produced 124,730 oz. of gold, higher than the target of 100,000-120,000 oz. Meanwhile copper production reached 19,045 tons, a sharp increase compared to 5,377 tons in 2020. Copper production in 2021 also exceeded the company’s target of 15,500-18,500 tons.

MDKA’s 2021 consolidated revenue is valued at USD 381 million, up 18 percent compared to USD 322 million in 2020. The company’s EBITDA reached USD 221 million, an increase of 47 percent compared to USD 151 million in 2020.

In 2021 MDKA acquired a 50.1 percent stake in PT Andalan Bersama Investama, the owner of PT Gorontalo Sejahtera Mining (GSM). Following the transaction, MDKA gained control over the majority stake in the Pani Gold Project through PT Pani Bersama Jaya (PBJ) and GSM. The Pani Project is estimated to have a resource of 4.7 million ounces of gold with an annual production potential of 250,000 ounces over a 15-year span.

In December 2021, MDKA signed a Memorandum of Understanding (MOU) to engage in a strategic partnership with Hong Kong Brunp Catl Co. Ltd. (an affiliate of Contemporary Amperex Technology Co. Ltd.-CATL), focusing on the battery metal supply chain in Indonesia.

PT Adaro Energi Indonesia Tbk. (ADRO)

In 2021, the company’s operational EBITDA went up by 138 percent to USD 2.1 billion from USD 883 million in 2020. The 2021 EBITDA also exceeded the company’s target of USD 1.8-1.9 billion. ADRO’s core profit last year soared to USD 1.3 billion compared to USD 405 million in 2020.

The surge in coal prices from USD 80 per ton in early 2021 to USD 150 per ton at the end of the year provided a positive catalyst for ADRO’s performance. The high global demand for coal amid limited supply has been the driving factor for coal prices to continue breaking higher price levels globally.

In December 2021, ADRO acquired a 3.7 percent stake in PT Cita Mineral Investindo Tbk (CITA) – valued at IDR 359 billion. On the same day, the company also signed a Letter of Intention to Invest (LoI), worth a total of USD 728 million, to build an aluminum smelter in the world’s largest Green Industrial Park Indonesia (North Kalimantan), which was developed by PT Kalimantan Industrial Park Indonesia.

PT Mitra Pinasthika Mustika Tbk. (MPMX)

MPMX booked double-digit revenue growth with a significant recovery in net profit in the first nine months of 2021. National sales of motorcycles went up to 5.1 million units in 2021 compared to 3.7 million units in 2020, contributing to MPMX’s growth, in addition to the company’s ability to implement cost efficiency and market optimization.

In 2021, MPMX released an internal Digital Transformation Program called MPMXplore to improve growth and unlock value from the business. Marking this nascent venture, MPMX expanded its offline auction (AUKSI) business into an online platform and also launched OtoDeals (www.otodeals.com), an innovative used car sales platform.

PT Aneka Gas Industri Tbk. (AGII)

In March 2021, the company completed the acquisition of 2 operating units, namely Cikande – Banten and Gresik – East Java from PT Samator with additional assets of IDR 600 billion. The acquisition aims to improve efficiency, increase market share, as well as accelerate revenue and profit growth.

Primaya Hospital

In 2021, Primaya Hospital launched five new hospitals, namely Primaya Bhakti Wara Hospital in Bangka Belitung, Primaya Hospital Sukabumi in West Java, Primaya Hospital Pasar Kemis in Banten, Primaya Hospital Semarang in Central Java, and Primaya Hospital PGI Cikini in Jakarta.

Primaya Hospital plans to open 3-4 new hospitals annually. This expansion has allowed Primaya Hospital to book strong financial performance in terms of revenue and EBITDA.

MGM Bosco Logistics (MBL)

MBL is a leading company providing truck-based cold-chain services and cold-storage services in Indonesia. In 2021, construction of the Mulia Bosco Utama (MBU) Phase Two-Bekasi cold storage facility was completed ahead of schedule in September 2021, adding approximately 30 percent of storage capacity to the existing facility.

Deltomed

In 2021, the company introduced three new herbal products to optimize market opportunities. These products are Antangin Goodnight, an herbal tablet that helps improve sleep quality, Antangin Habbatussauda (Black Seed) which treats cold symptoms while increasing immunity, and Kojima Candy, an herbal candy mixture (including Black Seed and honey). Deltomed posted strong double-digit revenue growth in 2021.

***END***

Abou

***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 exploring investment opportunities in Indonesia.

Saratoga focuses on investment opportunities in the early and growth stages, as well as in special conditions with an emphasis on sectors supporting economic growth in Indonesia such as consumers, infrastructure, and natural resources.

Saratoga’s vision is to continue to be a leading active investment company and the partner of choice for both local and foreign investors seeking 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