Saratoga Recorded Positive NAV Growth in Q1 2022

Jakarta, April 26 2022 –PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG) booked a solid Net Asset Value (NAV) achievement of IDR 60.9 trillion in Q1 2022. The Company’s NAV grew 89 percent compared to IDR 32.3 trillion in Q1 2021 and higher than Saratoga’s NAV at the end of 2021 at IDR 56.3 trillion. Saratoga also posted net profit attributable to shareholders of IDR 3.6 trillion, a 208 percent year-on-year (yoy) increase. Most of which was contributed by unrealized increase in portfolio value.

Saratoga President Director Michael William P Soeryadjaja explained that the market value of the Company’s investment portfolio had continued to strengthen, continuing the trajectory from the second semester of 2021. The increase in share price of PT Adaro Energy Indonesia Tbk. (ADRO) and PT Merdeka Copper Gold Tbk. (MDKA) became the main catalyst for the rising Company’s NAV in Q1 2022.

“In the first quarter of 2022, Saratoga received dividend income of IDR 141 billion from PT Provident Agro Tbk. (PALM) and Deltomed. The Company’s positive performance at the beginning of the year further reflects Saratoga’s optimal investment strategy in key sectors that drive Indonesia’s economic growth,” said Michael in an official statement in Jakarta, (26/04)

Michael said that entering 2022, the economy still had to weather multiple challenges. The ongoing COVID-19 pandemic and fluctuations in energy prices have caused escalating inflation concerns in most countries across the globe, including Indonesia. As an active investment company, Saratoga continues to monitor the current situation, considering the trend of rising prices for staple goods and increasing domestic inflation.

“Currently, one of Saratoga’s main priorities is ensuring efficient and effective allocation of resources to support our business strategy. Saratoga strives to maintain the cost and debt ratio at a healthy level, where we record annualized operating costs to NAV at 0.3 percent and net debt value at 4.7 percent of NAV,” he revealed.

Saratoga Investment Director Devin Wirawan added that with the current dynamic situation, the company would continue to focus its investment in a number of strategic sectors. These include the digital technology, healthcare, renewable energy, and consumer related sectors that have continued to grow rapidly since the pandemic occurred more than two years ago.

According to Devin, Saratoga allocates around USD 100-150 million yearly to support existing portfolio and investment in new companies. This year, the Company is focusing on the digital technology, healthcare, renewable energy, and consumer related sectors, as the potential for these sectors remains very promising in the long term.

“Every investment will be carried out in a measurable, disciplined manner, and in sectors that contribute to national economic growth. As the Company is in a sound fiscal position, we are optimistic

that we can maximize every investment opportunity that provides optimal growth to the company’s value for the long term,” added Devin.

***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 SecretaryInvestor Relations
corporate.secretary@saratoga-investama.cominvestor.relations@saratoga-investama.com

Supported by National Economic Recovery, Saratoga’s NAV Grows Positively in 2021

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:

1City 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.
2Xurya 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.
3SIRCLO
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.
4Fuse
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 SecretaryInvestor Relations
corporate.secretary@saratoga-investama.cominvestor.relations@saratoga-investama.com

Saratoga Investment Portfolio Enjoys Encouraging Growth, Books IDR 45.8 Trillion in Net Asset Value in Q3 2021

Jakarta, October 29, 2021 — PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG) has successfully booked Net Asset Value (NAV) of IDR 45.8 trillion at the end of the third quarter of 2021. The NAV increased by 44.45 percent from IDR 31.7 trillion at the end of 2020. As of September 2021, Saratoga also posted a net profit of IDR 14.1 trillion – attributable to owners of the parent company. This is more than ten times compared to the performance of the first nine months of 2020, amounting to IDR 1.2 trillion.

Saratoga President Director Michael Soeryadjaya said that the promising economic recovery in 2021 had strengthened the company’s investment portfolio performance. This is consistent

with the gradual decline in the spread of the COVID-19 virus.

“The sustained momentum of Saratoga’s investment portfolio business fundamentals is the key to the Company’s positive performance in comparison to the same period in 2020. We are optimistic that the ongoing economic recovery and the highly encouraging success rate of the COVID-19 vaccination program will continue to strengthen our business portfolio going forward,” said Michael in an official statement in Jakarta (29/10).

Saratoga’s NAV growth this year is mainly attributable to the increase in share prices of PT Tower Bersama Infrastructure Tbk. (ticker code: TBIG), PT Merdeka Copper Gold Tbk. (ticker code: MDKA), PT Adaro Energy Tbk. (ticker code: ADRO), and PT Mitra Pinasthika Mustika Tbk. (ticker code: MPMX).

The strength of Saratoga’s investment portfolio fundamentals also had an impact on the Company’s dividend income. As of the end of the third quarter of 2021, the Company recorded a dividend increase of 35.01 percent to IDR 871 billion, with the largest dividends contributed by ADRO, TBIG and MPMX.

Michael added that to optimize business opportunities, Saratoga had invested in new sectors,

particularly technology. The investments include SIRCLO, the leading e-commerce solution company in Indonesia and Fuse insurtech platform (insurance distribution channel technology), which aims to reach a wider insurance market in Indonesia.

“Our investment portfolio in the technology sector is a strategic initiative for Saratoga to optimize opportunities in the industry, which we project will continue to gain traction in the future. We will be actively involved in the development process and business strategy of the new investee companies,” Michael explained.

Supporting Investment Company Business Development

Saratoga Director of Investment Devin Wirawan added that amid today’s highly dynamic business challenges, Saratoga remained disciplined and consistently maintained operational efficiency. This includes maintaining the debt ratio of Loan to Value at a healthy level of 6.3 percent and operating costs at 0.4 percent of NAV.

“Our commitment is to ensure that Saratoga is able to execute each of its investment strategies efficiently. Saratoga consistently encourages our investee companies to make the most of every

business opportunity, allowing us to play an active role in Indonesia’s economic recovery,” added Devin.

A number of Saratoga investee companies continue to accelerate their business by carrying out expansions. Primaya Hospital – under PT Famon Awal Bros Sedaya – has opened five new hospitals since the beginning of the year. Primaya Hospital currently operates as many as 14 hospital units.

MDKA consistently shows promising progress in follow-up drilling at the Tujuh Bukit Copper Mine Project. The copper mine drilling was carried out in the southern and western ends of the Upper High Grade Zone.

In the automotive business, MPMX introduced OtoDeals or www.otodeals.com, an innovative used car sales platform, in September. The platform is designed to assist buyers in finding the right, high-quality, and guaranteed used cars according to their needs.

To tap into opportunities in the industrial gas sector, Saratoga increased its holding in PT Aneka Gas Industri Tbk. (ticker code: AGII) from 7.84 percent to 8.84 percent. This year, AGII has taken a series of strategic steps. For example, the company completed the acquisition of two business units from PT Samator worth IDR 600 billion. AGII is also set to supply industrial gas for the smelter owned by PT Timah Tbk. (ticker code: TINS) in the Province of Bangka Belitung Islands for 12 years.

“The initiatives and strategies of our investee companies will be instrumental in optimizing every business opportunity in the current economic recovery. Saratoga will fully support every investee company’s effort to increase company value and maintain business continuity in the long term,” said Devin.

NEW INVESTMENTS

SIRCLO

SIRCLO is a leading e-commerce solutions company in Indonesia which helps businesses enter the online market. SIRCLO offers solutions that are divided into two main categories: entrepreneurial and enterprise solutions. The company has served more than 100,000 brands to grow their online business.

Fuse

Fuse is an insurtech platform which connects various insurance products from many insurance companies with various distribution channels or partners. Fuse applies the latest cutting-edge technology to make insurance accessible, instantly available, and affordable for everyone.

INVESTEE COMPANIES’ PERFORMANCE

PT Tower Bersama Infrastructure Tbk. (TBIG)

In semester I-2021, TBIG succeeded in leveraging the operation of telecommunication sites to 19,709 locations with 37,232 tenants from 16,625 locations with 31,850 tenants at the end of 2020. In August 2021, TBIG also issued bonds worth IDR 1.2 trillion with a maturity date of August 2022 at an interest rate of 4.25 percent. Meanwhile, in September 2021, TBIG also received approval from EGMS to issue bonds denominated in foreign currencies with a total issuance value of up to USD 900 million, within 12 months of the approval date of the EGMS.

PT Merdeka Copper Gold Tbk. (MDKA)

In August 2021, MDKA reported encouraging results of the follow-up drilling of the Tujuh Bukit Copper Mine Project. The advanced drilling focused on testing the southern and western ends of the Upper High Grade Zone.

PT Adaro Energy Tbk. (ADRO)

Newcastle coal prices continued to strengthen from USD 87 per ton in the first quarter of 2021 to USD 114 per ton in the second quarter of 2021. Recently, coal prices have even hit their highest levels of above USD 200 per ton, due to limited supply. ADRO target coal production to reach 52 million-54 million tons for 2021.

PT Mitra Pinasthika Mustika Tbk. (MPMX)

In September 2021, MPMX introduced an innovative used car sales platform, OtoDeals (www.otodeals.com). This platform is designed to assist buyers in finding the right, high-quality and guaranteed used car according to their individual needs.

OtoDeals is set to provide a seamless online transaction experience when buying a used car, starting with a display of a quick search feature by comparing four used car units at once to see the specifications and condition of the cars in detail. In addition, there is a test-drive feature which allows users to order anywhere, at any time. There is also a “free home delivery” service – where used cars are sent directly to the consumer’s home.

The trend of national motorcycle sales also continued to see encouraging growth amid restrictions of social activities, where sales reached 1.3 million units in the third quarter of 2021 compared to 1.2 million in the second quarter of 2021. MPMX projects revenue in 2021 to grow by 20-25 percent. Thus, the Net Profit After Tax (NPAT) in 2021 is predicted to reach more than IDR 300 billion.

MGM Bosco Logistics

The construction of the second phase of the Mulia Bosco Utama Bekasi cold storage facility was completed in September 2021, earlier than the initial schedule, and has already accepted customers. The second phase of the cold storage development add about 30 percent to the storage capacity of the existing facilities.

MGM Bosco Logistics also reported positive performance in terms of revenue and EBITDA for the period up to September 2021.

PT Deltomed Laboratories

Deltomed introduced Kojima candy, made from herbal ingredients (honey, habbatussauda or black cumin, and dates) that are effective in maintaining the immune system and body fitness. Deltomed also recorded double-digit revenue growth performance as of September 2021.

PT Aneka Gas Industri Tbk. (AGII)

In March 2021, AGII completed the acquisition of two business units from PT Samator, thus adding assets worth IDR 600 billion. In May 2021, AGII signed a 12-year contract with PT Timah Tbk. (TINS) to build a factory to supply industrial gas for a tin refining smelter in Muntok City, in the West Bangka Regency, Bangka Belitung Islands Province. The smelter is targeted to be fully operational by 2022. As of September 2021, Saratoga has also increased its investment in AGII, resulting in share ownership increase to 8.84 percent from the previous 7.84 percent.

PT Famon Awal Bros Sedaya (Primaya Hospital)

Primaya Hospital unveiled two new hospitals during the third quarter of 2021, namely Primaya Hospital Semarang – Central Java and Primaya Hospital PGI Cikini – Jakarta. This brings the total operational assets to 14 hospitals by the end of September 2021. Additionally, Primaya Hospital has also opened the Primaya Sport Clinic and Orthopedic Center at Primaya Hospital Bekasi Timur, which caters to knee, shoulder, joint, and bone procedures as well as injury recovery care for patients, athletes, and sports enthusiasts.

*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 stages and growth, and in special situation with a focus on sectors that support 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 become the partner of choice for local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For further 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

Focusing on Indonesia’s E-Commerce Acceleration, SIRCLO Announces Triawan Munaf and Maurits Lalisang as New Commissioners

Left to right: Brian Marshal, Triawan Munaf, Maurits Lalisang

Jakarta, 7 October 2021—E-Commerce enabler SIRCLO today welcomed Triawan Munaf and Maurits Lalisang as the company’s new commissioners. Triawan and Maurits will join forces to support SIRCLO in developing its technological capabilities, as well as accelerating the digitisation process of MSMEs and enterprise-scale businesses throughout Indonesia. 

Brian Marshal, Founder and CEO of SIRCLO, expressed his pride and respect in welcoming the two prominent figures who have experience in accelerating the growth of established businesses in Indonesia, for over three decades.


“As the go-to figures behind the growth of multiple big companies in Indonesia, Mr. Triawan and Mr. Maurits share the same vision with SIRCLO, which is to help business players adapt and transition to the digital realm through the omnichannel strategy,” said Brian. “We look forward to learning from them and expanding the company’s positive social and economic impact in supporting the growth of businesses through e-commerce, for both MSMEs and enterprise businesses alike. Together, we hope to become a sustainable company that could shape the foundation of Indonesia’s digital economy and boost the nation’s economy in the long run.”

Triawan Munaf is a renowned figure and serial entrepreneur in Indonesia, who also has been a creative industry player from an early age. As a former President Commissioner of PT Garuda Indonesia Tbk. and the former Head of the Creative Economy Agency (BEKRAF), Triawan’s enthusiasm for building the technology industry in Indonesia is evident from his arrival to the leadership ranks of East Ventures as a Venture Advisor in February 2020. Recently, he was also appointed as President Commissioner and Independent Commissioner of PT Aviasi Wisata Indonesia Tbk.

Sharing the same vision with SIRCLO to help nurture Indonesian entrepreneurs, Triawan Munaf stated, “The need to carry out digital transformation has become inevitable for business players across various scales—and even more so for MSMEs, who are the primary drivers of our economy. I have seen how SIRCLO helps this segment substantially through various ideas and solutions. Hence, I believe that their capability would contribute to the exponential growth of Indonesian MSMEs. I am excited to join SIRCLO, as this is in line with my vision of increasing the added-value of various Creative Economy sub-sectors, most of which consist of MSMEs,” he added. 

Committed to advancing SIRCLO, Maurits Lalisang is a distinguished leader who has an excellent track record of four decades, namely 11 years as CEO and 6 years as President Commissioner in PT Unilever Indonesia Tbk., a prominent multinational company. Through his various breakthroughs and innovations, he has succeeded in strengthening Unilever’s position as the market leader in the Fast Moving Consumer Goods (FMCG) industry. Currently, he is serving as the President Commissioner of PT Multi Bintang Indonesia Tbk, Commissioner of PT ICI Paints Indonesia, Commissioner of PT Deltomed Laboratories and as a Partner of the Saratoga Group, an active investment company in Indonesia.

Cementing his support for the e-commerce industry that has grown rapidly in the last two years, Maurits said, “I am very proud to know SIRCLO, an e-commerce enabler company that empowers thousands of MSME and enterprises, which in turn will bring massive contribution to Indonesia’s economic growth. It is an honor to join the company, in the process of developing SIRCLO’s business in the future. I am optimistic that SIRCLO will become a sustainable company that is increasingly valuable, both in terms of business and its contribution to the Indonesian economy.”

Since its establishment in 2013, SIRCLO has continued to adapt to the landscape and various challenges of e-commerce in Indonesia. Currently, SIRCLO provides end-to-end enabler services to business owners, collaborates with various marketplaces, develops social commerce channels, and serves enterprise-scale clients. As of this year, SIRCLO has helped more than 100,000 brands to sell online, from individual entrepreneurs, MSMEs, to large companies.

***

About SIRCLO

Founded in 2013, SIRCLO is a leading e-commerce solution company in Indonesia that helps businesses sell online. SIRCLO offers solutions that are divided into 2 main categories; the entrepreneur and enterprise solutions. In the entrepreneur category, SIRCLO offers SIRCLO Store, an online store dashboard for SMEs to sell across 3 various platforms (website, marketplace, chat commerce) and IbuSibuk, a solution empowering communities of mothers as Key Opinion Leaders (KOL), micro-influencers and resellers. In the enterprise category, SIRCLO offers e-commerce enabler services through SIRCLO Commerce, a solution for omnichannel technology development through ICUBE by SIRCLO, a B2B2C platform selling Mom & Baby products through Sooplai, and Orami, a parenting platform that combines Commerce, Content & Community within one ecosystem.

Today SIRCLO has served more than 100.000 brands to grow their business online. SIRCLO’s solution has been trusted by local brands entailing ATS The Label, Evete Naturals, Namaste Organic, This Is April and Heytimmy Kidswear, as well as trusted by established brands such as Unilever, Reckitt, KAO, L’Oréal, and Levi’s. Located at the Green Office Park 1, The Breeze (BSD – Serpong), the company has 1.000 employees and representatives based in Jakarta, Bekasi, Bandung, Yogyakarta and Surabaya.

For more details about SIRCLO, visit www.sirclo.com.

Contact:

SIRCLO

Rini Hapsoro

Communications Manager

M: +62 878 757 710 80

E: rini@sirclo.com

Saratoga NAV Reached IDR 46.5 Trillion in Semester I-2021

Jakarta, July 29, 2021  PT Saratoga Investama Sedaya Tbk (stock code: SRTG) reached a net asset value (NAV) of IDR 46.5 trillion in semester I-2021. This value increased from NAV at the end of 2020 of IDR 31.7 trillion. The company also recorded a net profit – attributed to owners of the parent entity – of IDR 15.3 trillion, compared to a net loss of IDR 2.1 trillion in semester I-2020.

Saratoga President Director Michael Soeryadjaya said that the success of our portfolio companies in maintaining a resilient performance in 2021 has increased the value of Saratoga’s portfolio. The positive performance is also accompanied by their consistent dividend distributions, which further strengthened Saratoga’s business fundamentals.

“The rising share price performance of our portfolio companies has supported Saratoga’s NAV growth during semester I-2021. This is proof that Saratoga’s portfolio companies are able to stay resilient during this pandemic,” said Michael, in an official statement in Jakarta, on Thursday (29/7).

Saratoga’s NAV growth in semester I-2021 was due to appreciation in share price of several portfolio companies; mainly contributed by PT Tower Bersama Infrastructure Tbk (stock code: TBIG), PT Merdeka Copper Gold Tbk (stock code: MDKA), PT Mitra Pinasthika Mustika Tbk (stock code: MPMX), and PT Provident Agro Tbk (stock code: PALM).

Saratoga also posted dividend income of IDR 866 billion in semester I-2021, an increase of 35.3 percent, from IDR 640 billion during the same period in the previous year. This dividend income is mainly contributed by PT Adaro Energy Tbk. (ADRO), TBIG, and MPMX.

Michael added that Saratoga will continue to implement a diversification strategy in deploying investments and disciplined financial management to maintain long-term business sustainability. Debt and cost ratios will continue to be managed and maintained at an efficient level. Currently, annualized operating costs to NAV is at 0.4 percent with loan to value at 5.7 percent.

Saratoga Investment Director Devin Wirawan explained that in semester I-2021, Saratoga continued to encourage portfolio companies to expand their business into new regions. For example, Primaya Hospital – under PT Famon Awal Bros Sedaya – has opened three new hospitals since the start of the year. The three hospitals were Primaya Hospital Bhakti Wara in Pangkal Pinang-Bangka Belitung, Primaya Hospital Sukabumi in West Java, and Primaya Hospital Pasar Kemis in Tangerang-Banten.

“The launch of these three new hospitals adds to Primaya Hospital’s existing operational assets, bringing them to 12 hospitals by end of semester I-2021. This expansion is also part of Saratoga’s initiative in supporting the government’s efforts to provide the best healthcare service amid the ongoing pandemic,” he said.

Devin also explained that one of Saratoga’s strategic portfolio companies, MDKA, has further strengthened its long-term business fundamentals. He revealed that the latest drilling test from the Tujuh Bukit Copper Project in Banyuwangi resulted in a significant intercept of copper and gold.

MDKA has also completed a feasibility study for the Acid, Iron, Metal (AIM) Project, which is projected to have a net present value (NPV) of IDR 5.8 trillion. The AIM Project is operated by Merdeka Tsingshan Indonesia (80 percent MDKA, 20 percent Tsingshan) and located in the Indonesia Morowali Industrial Park in Morowali Regency, Central Sulawesi. Construction has begun in quarter II-2021 and production is targeted to start in quarter II-2022.

Amid rising demand in the logistics sector, Devin said that Saratoga’s portfolio company, MGM Bosco Logistics, is currently constructing the second phase of its cold-storage facility in Bekasi. The new facility is expected to start operating in quarter IV-2021.

“Saratoga will continue to assist all of our portfolio companies in exploring new opportunities and growing their business value. We are also open to new investment opportunities, including in the technology sector, which is now growing rapidly in Indonesia,” Devin stated.

INVESTMENT COMPANY PERFORMANCE

PT TOWER BERSAMA INFRASTRUCTURE TBK

In April 2021, the company completed the sale and purchase transaction as well as transfer of 3,000 towers from PT Inti Bangun Sejahtera Tbk (IBST) for a total value of IDR 4.0 trillion. The transaction was funded by internal funds and existing bank facilities. In the same month, TBIG also issued a IDR 970 billion bond, which will mature in 2022 at an interest rate of 5.50 percent.

PT MERDEKA COPPER GOLD TBK

In this semester, MDKA completed a feasibility study for the Acid, Iron, Metal (AIM) Project. With an estimated project capital cost of US$290 million or IDR 4.2 trillion, the AIM Project is estimated to have an NPV of US$407 million or IDR 5.8 trillion. Merdeka Tsingshan Indonesia (80 percent MDKA, 20 percent Tsingshan) operates the AIM Project, which started construction in quarter II-2021 with a target production date in quarter IV-2022.

PT DELTOMED LABORATORIES

Deltomed has launched Antangin Goodnight and Antangin Habbatussauda. Antangin Good Night is a herbal supplement that helps improve sleep quality, while Antangin Habbatussauda helps treat cold symptoms along with boosting the immune system. Deltomed achieved double-digit revenue growth this semester supported by the launching of Antangin Habbatussauda.

MGM BOSCO LOGISTICS

MGM Bosco Logistics is currently constructing the second phase of its cold-storage facility in Bekasi. The new facility is aimed to begin operations in quarter IV-2021.

PT ADARO ENERGY TBK

Newcastle coal price continued to strengthen from US$60 per ton at the end of 2020 to US$130 per ton at the end of semester I-2021, driven by limited global supply and increasing volume of demand, especially from China’s electricity needs.

PT MITRA PINASTHIKA MUSTIKA TBK

The ongoing economic recovery has had a positive impact on MPMX. The company revised its 2021 revenue projection to grow by 20-25 percent, compared to the initial projection of 10-15 percent. Meanwhile, the Net Profit After Tax (NPAT) in 2021 is projected to reach more than IDR 300 billion. MPMX’s optimism is supported by recovery in national motorcycle sales, which grew by 30 percent during semester I-2021 to 2.5 million units, from 1.9 million units in semester I-2020. The Association of Indonesia Motorcycle Industry estimates motorcycle sales will reach 4.3-4.6 million units by the end of the year, compared to sales in 2020 which reached 3.7 million units.

PT ANEKA GAS INDUSTRI TBK

In March 2021, AGII completed the acquisition of two business units from PT Samator and added IDR 600 billion worth of assets. In May 2021, AGII signed a 12-year contract with PT Timah Tbk (TINS) to build a plant that will supply industrial gas needed for a tin refining smelter in Muntok City, West Bangka Regency – Province of Bangka Belitung Islands. The smelter will be fully operational in 2022.

PT FAMON AWAL BROS SEDAYA

PT Famon Awal Bros Sedaya (Primaya Hospital) launched three new hospitals in the first half of this year in Pangkal Pinang, Sukabumi, and Pasar Kemis. Primaya is planning to launch two more hospitals in semester II-2021. Primaya Hospital will continue to support the government’s efforts in providing the best healthcare service amid the ongoing pandemic

**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 stages and growth, and in special situation with a focus on sectors that support 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 become the partner of choice for local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For further 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

Saratoga General Meeting of Shareholders Approves IDR 298 Billion Dividend Distribution and Stock Split as Investment Portfolio Enjoys Positive Growth

Jakarta, 28 April 2021 – The Annual General Meeting of Shareholders (AGMS) of PT Saratoga Investama Sedaya Tbk. (Saratoga, ticker code: SRTG) today approved the distribution of dividends of up to IDR 298.43 billion or IDR 110 per share. Additionally, the Extraordinary General Meeting of Shareholders (EGMS) which was held following the AGMS also approved Saratoga’s management’s suggestion to conduct a stock split with a ratio of 1:5.

Saratoga President Director Michael W.P. Soeryadjaya explained that Saratoga’s consistency in distributing dividends to shareholders is part of the company’s commitment to continue providing optimal added value. This illustrates that Saratoga’s investment strategy is on the right track.

“We would like to express our gratitude for the support of our shareholders who have made it possible for the company to execute every investment plan. We are certain that this dividend and stock split decision will make Saratoga more attractive as an investment partner in the Indonesian capital market,” Michael explained at the conclusion of the AGMS and EGMS which were held online in Jakarta, Wednesday (28/4).

Michael commented that the COVID-19 which started in early 2020 has created a lot of uncertainty and drove down economic activity both globally and nationally. However, in such a highly dynamic and challenging situation, Saratoga managed to sustain positive growth momentum in its investment portfolio. This is reflected in the company’s net asset value (NAV), which went up by 39% to IDR 31.70 trillion by end of 2020.

“During the pandemic, the focus of our strategy is to maintain operational resilience, both at the parent company and all of our investment portfolio companies. By continuing to prioritize prudence in managing all risks and consistently implementing a diversification strategy, we are grateful that the target for operational resilience could be well-achieved,” he said.

In 2020, Saratoga’s investment value in PT Merdeka Copper Gold Tbk (MDKA) increased 120% to IDR 10.18 trillion and the investment value in PT Tower Bersama Infrastructure Tbk (TBIG) increased 56% to IDR 12.64 trillion. Saratoga also managed to book dividend income in 2020 of IDR 750 billion, most of which was contributed by PT Adaro Energy Tbk (ADRO) with IDR 215 billion, PT Tower Bersama Infrastruktur Tbk (TBIG) IDR 214 billion, PT Mitra Pinasthika Mustika Tbk (MPMX) with IDR 210 billion and PT Provident Agro Tbk (PALM) with IDR 105 billion.

Saratoga Investment Director Devin Wirawan said that to support the government in carrying out economic recovery efforts from to the COVID-19 pandemic, Saratoga will continue to optimize investment across business lines which represent the vital sectors for Indonesians. The company will also encourage members of its investment portfolio to venture out on a business expansion so that they will be able to reach more markets and provide solutions for the community.

Devin pointed out the expansion of PT Famon Awal Bros Sedaya (Primaya Hospital) which continues to provide the best medical services in various regions in Indonesia. In 1H21, Primaya Hospital is set to launch 4 new hospitals to complement the 9 hospitals that have been operating through the end of 2020. To support the acceleration of digitalization in Indonesia, PT Tower Bersama Infrastructure Tbk (TBIG) also continues to strengthen its telecommunication infrastructure, including through an acquisition of 3,000 towers from PT Inti Bangun Sejahtera Tbk. (IBST)

To support the expansion of its investment portfolio, Devin continued, Saratoga is also consistent in undertaking corporate actions and shoring up investment. For example, our investment in Mulia Bosco Logistik where the company’s share ownership increased from 7.5% to 23.7%. Saratoga has also increased the company’s share ownership in MPMX by 4.34% this month.

“Apart from the stock split, today’s EGMS also approved the company’s share buyback plan of up to 25 million shares or 0.92% of the paid-up shares. These corporate actions are Saratoga’s commitment to optimize every opportunity amid dynamic business challenges,” Devin said.

***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 a focus on sectors that support economic growth in Indonesia such as consumers, infrastructure and natural resources.

Saratoga’s vision is to continue to be the leading active investment company and partner of choice for local and foreign investors who wish to participate in the dynamics of Indonesia’s economic growth.

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

Or contact:

Contact:

General:                                                                                                Financials:

Corporate Secretary                                                                             Investor Relations

corporate.secretary@saratoga-investama.com           investor.relations@saratoga-investama.com

Saratoga Remains Robust by Booking Stellar Performance in 2020

Jakarta, March 9, 2021 – PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG) posted a solid performance in 2020. The company’s net profit increased by 20 percent to IDR 8.82 trillion. This was supported by an increase in the value of the investment portfolio, evidenced from the net asset value of Saratoga surging 39 percent to IDR 31.70 trillion at the end of 2020.

Saratoga President Director Michael Soeryadjaya remarked that the solid performance of Saratoga’s investee companies during the 2020 pandemic was the key to the company’s achievement. This was reflected in the increase in the value of Saratoga’s investments in a number of portfolio companies as well as consistent dividend payments.

“We are grateful that amid a difficult situation due to the COVID-19 pandemic, Saratoga has succeeded in sustaining its growth momentum and achieved a robust performance. As an investment company with long-standing experience in Indonesia, Saratoga prioritizes prudence by managing all risks involved and consistently implementing a diversification strategy. This approach has kept us strong amid uncertainty and allowed us to be responsive in addressing all the dynamic changes,” Michael said in Jakarta, Tuesday (9/3).

Throughout 2020, Saratoga directed its focus in developing corporate strategies to maintain operational resilience during the pandemic, both for the parent company and its investee companies. By the end of 2020, this target of operational resilience has proved to be achievable.

In 2020, Saratoga’s investment value in PT Merdeka Copper Gold Tbk. (ticker code: MDKA) rose 120 percent to IDR 10.18 trillion and the investment value in PT Tower Bersama Infrastructure Tbk. (ticker code: TBIG) increased by 56 percent to IDR 12.64 trillion. Saratoga also managed to book a total dividend income of IDR 750 billion in 2020, which was mainly contributed by PT Adaro Energy Tbk. (ticker code: ADRO) at IDR 215 billion, PT Tower Bersama Infrastruktur Tbk. (ticker code: TBIG) at IDR 214 billion, PT Mitra Pinasthika Mustika Tbk. (ticker code: MPMX) at IDR 210 billion and PT Provident Agro Tbk. (ticker code: PALM) at IDR 105 billion.

Michael added that Saratoga will continue to seek new investment opportunities and support the government’s efforts to accelerate economic recovery from the impact of COVID-19 pandemic. “We hope that the current vaccination program can swiftly break the COVID-19 chain of transmission and put this pandemic to a stop. Saratoga will continue to actively implement its strategy to ensure that the growth of the company will be even more optimal after the pandemic ends,” he added.

Saratoga Investment Director Devin Wirawan explained that a number of Saratoga’s investee companies found their business growth momentum during the pandemic. He described that MDKA’s performance continued to strengthen thanks to the steep increase in gold and copper price in 2020. Amid economic uncertainty due to the COVID-19 pandemic, gold is a “safe haven” commodity which will remain as the most sought-after investment instrument in the world. This opportunity will further strengthen MDKA’s fundamentals going forward.

Devin continued, society’s increasingly rapid adoption of the online digital ecosystems has provided greater opportunities for PT Tower Bersama Infrastruktur Tbk. as a provider of telecommunication infrastructure services. Meanwhile, in the consumer sector, PT Deltomed, which produces herbal medicines, has succeeded in optimizing the strong public demand for health products during this pandemic. PT Famon Awal Bros Sedaya, our hospital group, also continued to support the government’s efforts in controlling the pandemic by providing special rooms for COVID-19 patients as well as rapid test drive-thru services.

“As an active investment company, Saratoga continues to assist investee companies to grow and optimize every available opportunity. In a situation that remains highly dynamic and challenging, Saratoga’s cost ratio to net asset value, which is still low at around 1 percent, will help the company’s performance to remain solid,” Devin said.

Investee Companies’ Performance

PT Adaro Energy Tbk. ADRO coal production reached 54.53 million tons and coal sales volume reached 54.14 million tons in 2020. Adaro is seeing some signs of rebalancing in the coal market thanks to the discipline with supplies. The company remains optimistic about the industry’s long-term fundamentals. In facing short-term challenges, the company is focusing on preserving cash, strengthening its capital structure and financial position, staying on the existing path, continuing to execute strategies to ensure business sustainability, as well as making contributions to national development.

PT Merdeka Copper Gold Tbk. Increase in gold and copper commodity prices during 2020 has provided a momentum to strengthen the company’s business fundamentals. In 2021, MDKA targets a total gold production of 100,000 – 120,000 tons and copper of 14,000 – 17,000 tons and remains focused on developing the Tujuh Bukit Copper project, which experienced positive progress in 2020. In addition, MDKA has also signed a memorandum of understanding (MOU) with Eternal Tsingshan Group Limited (Tsingshan) to develop a copper ore processing project at the Wetar mine. This partnership is expected to commence commercial production within two years and become a long-term multi-commodity asset for MDKA.

PT Mitra Pinasthika Mustika Tbk. Even though the automotive industry was exposed to pressure due to the pandemic, MPMX has already been able to achieve positive profits in the first nine months of 2020 considering the improvement in motorcycle sales in the last few months. In 2021, MPMX is projecting revenue growth of up to 15%.

PT Tower Bersama Infrastructure Tbk. recorded strong growth compared to 2019. The business was able to withstand the pressure of the COVID-19 pandemic due to long-term rental contracts that span an average of 10 years with telecommunication operators. TBIG also obtained a number of new contracts during 2020 and has exceeded its 2020 target by adding 3,319 new leases during the first nine months of 2020. Going forward, TBIG is projected to experience rapid growth from digital technology that drives the transformation of industry and society.

PT Famon Awal Bros Sedaya, has strengthened its quality by providing hospital services that prioritize center of excellence, equipment upgrades, and technological advancements that were fully supported by Saratoga both in terms of operations and business expansion. In 2020, FABS was successful in securing additional loans to support its business expansion plans which includes the inauguration of four new hospitals in 2021. The launch of the new hospitals demonstrates FABS’s commitment in developing a better healthcare system in Indonesia.

In April 2020, the change of the hospital name from Awal Bros to Primaya Hospital further underlined the commitment of Awal Bros Hospital Group in providing better service quality to all elements of society across Indonesia. Primaya Hospital represents a transformation and a new image for Awal Bros Hospital as a private hospital with international Joint Commission International (JCI) accreditation in Indonesia that provides international-standard health services.

Primaya Hospital also remained committed in its support to the government in dealing with the COVID-19 pandemic by providing special rooms for COVID-19 patients and providing rapid test drive-thru services.

PT Deltomed Laboratories, one of the biggest players in the herbal remedies industry, has succeeded in boosting Antangin’s sales in 2020. This increase in sales was driven by society’s rising health awareness and supported by the company’s strong operations and distribution.

To meet the needs of the public in improving their immune system, Deltomed Laboratories introduced its latest herbal medicine, Imugard, which contains extracts of Phyllanthus urinaria, Moringa leaves, and turmeric. This product is efficacious in maintaining immune system and has received license to circulate from the Indonesian Food and Drug Authority (BPOM).

***END***

About PT Saratoga Investama Sedaya, Tbk. 

Founded in 1998, 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 ones in special conditions with a emphasis on sectors that support economic growth in Indonesia such as consumers, infrastructure and natural resources.

Saratoga’s vision is to continue to be the leading active investment company and partner of choice for local and foreign investors looking to take part in the dynamics of Indonesia’s economic growth.

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

Or contact:

Contact:

General:                                                                                          Financials:

Corporate Secretary                                                                       Investor Relations

corporate.secretary@saratoga-investama.com                             investor.relations@saratoga-investama.com

Saratoga Remains Robust by Booking Stellar Performance in 2020

Jakarta, March 9, 2021 – PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG) posted a solid performance in 2020. The company’s net profit increased by 20 percent to IDR 8.82 trillion. This was supported by an increase in the value of the investment portfolio, evidenced from the net asset value of Saratoga surging 39 percent to IDR 31.70 trillion at the end of 2020.

Saratoga President Director Michael Soeryadjaya remarked that the solid performance of Saratoga’s investee companies during the 2020 pandemic was the key to the company’s achievement. This was reflected in the increase in the value of Saratoga’s investments in a number of portfolio companies as well as consistent dividend payments.

“We are grateful that amid a difficult situation due to the COVID-19 pandemic, Saratoga has succeeded in sustaining its growth momentum and achieved a robust performance. As an investment company with long-standing experience in Indonesia, Saratoga prioritizes prudence by managing all risks involved and consistently implementing a diversification strategy. This approach has kept us strong amid uncertainty and allowed us to be responsive in addressing all the dynamic changes,” Michael said in Jakarta, Tuesday (9/3).

Throughout 2020, Saratoga directed its focus in developing corporate strategies to maintain operational resilience during the pandemic, both for the parent company and its investee companies. By the end of 2020, this target of operational resilience has proved to be achievable.

In 2020, Saratoga’s investment value in PT Merdeka Copper Gold Tbk. (ticker code: MDKA) rose 120 percent to IDR 10.18 trillion and the investment value in PT Tower Bersama Infrastructure Tbk. (ticker code: TBIG) increased by 56 percent to IDR 12.64 trillion. Saratoga also managed to book a total dividend income of IDR 750 billion in 2020, which was mainly contributed by PT Adaro Energy Tbk. (ticker code: ADRO) at IDR 215 billion, PT Tower Bersama Infrastruktur Tbk. (ticker code: TBIG) at IDR 214 billion, PT Mitra Pinasthika Mustika Tbk. (ticker code: MPMX) at IDR 210 billion and PT Provident Agro Tbk. (ticker code: PALM) at IDR 105 billion.

Michael added that Saratoga will continue to seek new investment opportunities and support the government’s efforts to accelerate economic recovery from the impact of COVID-19 pandemic. “We hope that the current vaccination program can swiftly break the COVID-19 chain of transmission and put this pandemic to a stop. Saratoga will continue to actively implement its strategy to ensure that the growth of the company will be even more optimal after the pandemic ends,” he added.

Saratoga Investment Director Devin Wirawan explained that a number of Saratoga’s investee companies found their business growth momentum during the pandemic. He described that MDKA’s performance continued to strengthen thanks to the steep increase in gold and copper price in 2020. Amid economic uncertainty due to the COVID-19 pandemic, gold is a “safe haven” commodity which will remain as the most sought-after investment
instrument in the world. This opportunity will further strengthen MDKA’s fundamentals going forward.

Devin continued, society’s increasingly rapid adoption of the online digital ecosystems has provided greater opportunities for PT Tower Bersama Infrastruktur Tbk. as a provider of telecommunication infrastructure services. Meanwhile, in the consumer sector, PT Deltomed, which produces herbal medicines, has succeeded in optimizing the strong public demand for health products during this pandemic. PT Famon Awal Bros Sedaya, our hospital group, also continued to support the government’s efforts in controlling the pandemic by providing special rooms for COVID-19 patients as well as rapid test drive-thru services.

“As an active investment company, Saratoga continues to assist investee companies to grow and optimize every available opportunity. In a situation that remains highly dynamic and challenging, Saratoga’s cost ratio to net asset value, which is still low at around 1 percent, will help the company’s performance to remain solid,” Devin said.

Investee Companies’ Performance

PT Adaro Energy Tbk. ADRO coal production reached 54.53 million tons and coal sales volume reached 54.14 million tons in 2020. Adaro is seeing some signs of rebalancing in the coal market thanks to the discipline with supplies. The company remains optimistic about the industry’s long-term fundamentals. In facing short-term challenges, the company is focusing on preserving cash, strengthening its capital structure and financial position, staying on the existing path, continuing to execute strategies to ensure business sustainability, as well as making contributions to national development.

PT Merdeka Copper Gold Tbk. Increase in gold and copper commodity prices during 2020 has provided a momentum to strengthen the company’s business fundamentals. In 2021, MDKA targets a total gold production of 100,000 – 120,000 tons and copper of 14,000 – 17,000 tons and remains focused on developing the Tujuh Bukit Copper project, which experienced positive progress in 2020. In addition, MDKA has also signed a memorandum of understanding (MOU) with Eternal Tsingshan Group Limited (Tsingshan) to develop a copper ore processing project at the Wetar mine. This partnership is expected to commence commercial production within two years and become a long-term multi-commodity asset for MDKA.

PT Mitra Pinasthika Mustika Tbk. Even though the automotive industry was exposed to pressure due to the pandemic, MPMX has already been able to achieve positive profits in the first nine months of 2020 considering the improvement in motorcycle sales in the last few months. In 2021, MPMX is projecting revenue growth of up to 15%.

PT Tower Bersama Infrastructure Tbk. recorded strong growth compared to 2019. The business was able to withstand the pressure of the COVID-19 pandemic due to long-term rental contracts that span an average of 10 years with telecommunication operators. TBIG also obtained a number of new contracts during 2020 and has exceeded its 2020 target by adding 3,319 new leases during the first nine months of 2020. Going forward, TBIG is projected to experience rapid growth from digital technology that drives the transformation of industry and society.

PT Famon Awal Bros Sedaya, has strengthened its quality by providing hospital services that prioritize center of excellence, equipment upgrades, and technological advancements that were fully supported by Saratoga both in terms of operations and business expansion. In 2020,
FABS was successful in securing additional loans to support its business expansion plans which includes the inauguration of four new hospitals in 2021. The launch of the new hospitals demonstrates FABS’s commitment in developing a better healthcare system in Indonesia.

In April 2020, the change of the hospital name from Awal Bros to Primaya Hospital further underlined the commitment of Awal Bros Hospital Group in providing better service quality to all elements of society across Indonesia. Primaya Hospital represents a transformation and a new image for Awal Bros Hospital as a private hospital with international Joint Commission International (JCI) accreditation in Indonesia that provides international-standard health services.

Primaya Hospital also remained committed in its support to the government in dealing with the COVID-19 pandemic by providing special rooms for COVID-19 patients and providing rapid test drive-thru services.

PT Deltomed Laboratories, one of the biggest players in the herbal remedies industry, has succeeded in boosting Antangin’s sales in 2020. This increase in sales was driven by society’s rising health awareness and supported by the company’s strong operations and distribution.

To meet the needs of the public in improving their immune system, Deltomed Laboratories introduced its latest herbal medicine, Imugard, which contains extracts of Phyllanthus urinaria, Moringa leaves, and turmeric. This product is efficacious in maintaining immune system and has received license to circulate from the Indonesian Food and Drug Authority (BPOM).

***END***

About PT Saratoga Investama Sedaya, Tbk.

Founded in 1998, 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 stages and growth, and in special conditions with a focus on sectors that support 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 become the partner of choice for local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For further information please visit: www.saratoga-investama.com.

Or contact:

General:
Corporate Secretary
corporate.secretary@saratoga-investama.com

Financials:
Investor Relations
investor.relations@saratoga-investama.com

Saratoga 2020 AGMS Announces Positive Results through Dividend Distribution to Sustain Commitment to Shareholders

Jakarta, June 17, 2020 – PT Saratoga Investama Sedaya Tbk. (Saratoga, ticker code: SRTG) announced during its Annual General Meeting of Shareholders (AGMS) today, dividend distribution with a total amount of IDR 149.2 billion or IDR 55 per share.

Saratoga’s President Director Michael W.P. Soeryadjaya stated that Saratoga demonstrated significant growth in 2019 and the company’s decision to distribute dividend is part of Saratoga’s long-term commitment to consistently provide optimal return for shareholders.

“We will continue to focus on strengthening the fundamental of our investee companies through a disciplined and measured investment strategy. In a dynamic and challenging environment like today, Saratoga will remain vigilant yet agile and opportunistic in seizing investment opportunities,” Michael said after the AGMS in Jakarta, Wednesday (17/06).

As of 2019, Saratoga’s Net Asset Value reached IDR 22.85 trillion, an increase of 44.9 percent compared to 2018 of IDR 15.77 trillion. The increase in investment value in shares and equity securities was mainly driven by the increase in mark-to-market share prices of PT Adaro Energy Tbk. (ticker code: ADRO), PT Tower Bersama Infrastructure Tbk. (ticker code: TBIG) and PT Merdeka Copper Gold Tbk (Ticker code: MDKA). Thanks to the solid fundamentals of its investee companies, in 2019, Saratoga’s net profit from investment and other equity securities was IDR 6.22 trillion. While dividend and interest income amounted to IDR 2.01 trillion.

Saratoga’s Finance Director, Lany D. Wong explained that in 2019, Saratoga posted an all-time record high dividend income of IDR 1.99 trillion. Dividend income increased by 121.5 percent from 2018 of IDR 900 billion, largely attributable to PT Mitra Pinasthika Mustika Tbk (ticker code: MPMX), PT Adaro Energy Tbk. (ticker code: ADRO), PT Tower Bersama Infrastructure Tbk (ticker code: TBIG) and other investee companies.

“As an active investment company, Saratoga will continue to seize investment opportunities in our three key sectors— natural resources, infrastructure and consumer. We are committed to continuously work on optimizing the value of our investee companies and contribute to the Indonesian economy,” Lany explained.

***END***

About PT Saratoga Investama Sedaya, Tbk.

Founded in 1998, 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 stages and growth, and in special conditions with a focus on sectors that support 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 become the partner of choice for local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For further information please visit: www.saratoga-investama.com.

Or contact:

General:
Corporate Secretary
corporate.secretary@saratoga-investama.com

Financials:
Investor Relations
investor.relations@saratoga-investama.com

Saratoga Delivers Strong Results in 2019, Driven by the Performance of the Diversified Investment Portfolio

Jakarta, March 16, 2020 – PT Saratoga Investama Sedaya Tbk. (Saratoga, ticker code: SRTG) posted a net profit of Rp 7.3 trillion in 2019. The significant increase of the net profit was driven by an increase in investment value and dividend income of Saratoga’s investee companies. During this period the Net Asset Value of Saratoga’s portfolio reached Rp 22.85 trillion, up 44.9 percent, from Rp 15.77 trillion in 2018.

In 2019, investment in shares and other equity securities recorded a net profit of Rp 6.2 trillion. This was mainly driven by an increase in mark-to-market share prices of PT. Tower Bersama Infrastructure Tbk. (ticker code: TBIG), PT Adaro Energy Tbk. (ticker code: ADRO) and PT Merdeka Copper Gold Tbk. (ticker code: MDKA).

Saratoga also managed to record a dividend income of Rp 1.99 trillion, an increase of 121.5 percent from 2018 of Rp 900 billion. The dividend income is the highest since Saratoga became a publicly listed company. The dividend income is attributable to PT Tower Bersama Infrastructure Tbk, PT Adaro Energy Tbk and largely PT Mitra Pinasthika Mustika Tbk (ticker code: MPMX).

Saratoga’s President Director, Michael Soeryadjaya, explained, “We are thankful for our achievements in 2019. The strong performance of the investee companies was supported by the solid business fundamentals. As a shareholder to our existing investee companies, our job is to continue to engage and support them in reaching their maximum potential. In addition, as an active investment company, Saratoga believes in the long-term potential of the three main sectors: natural resources, infrastructure and consumer and will continue to actively invest in these areas as we always have.”

In terms of the business outlook in 2020, Michael mentioned, “In the midst of various global and domestic challenges, Saratoga will continue to carry out active investment strategies in a disciplined, measurable and prudent manner. We believe that with Saratoga’s experience and expertise, the company’s investment value will continue to see optimal growth”.

Selective Investee Company Performance Highlights

PT Merdeka Copper Gold Tbk (ticker code: MDKA) experienced rapid growth as a copper and gold mining company in 2019. Gold production grew 33.2 percent from 167,506 ounces in 2018 to 223,045 ounces in 2019. The porphyry exploration project in Tujuh Bukit, MDKA’s flagship assets, continues to make great progress as the Pre-Feasibility Study advanced with further strong results from underground drilling.

PT Mulia Bosco Logistik (MBL) has expanded its capacity in both the truck and storage fleets. In 2019 MBL added an additional warehouse in Makassar, South Sulawesi and more trucks to its fleet. Saratoga has been actively working with management in financial and business development, as well as operational and risk management improvements.

PT Mitra Pinasthika Mustika Tbk (ticker code: MPMX) experienced robust growth, making the company the largest contributor to Saratoga’s dividend income in 2019. In the first quarter of 2019, Saratoga increased the ownership of MPMX by launching a voluntary tender offer. As a result, Saratoga has become the majority shareholder.

PT Famon Awal Bros Sedaya (FABS), a private hospital with international accreditation, Joint Commission International (JCI) in Indonesia, is on a mission to provide international standard health services. In 2019, the FABS launched a new hospital in North Bekasi and began operating another hospital in Sorowako, South Sulawesi. In addition, FABS continues to strengthen its operation by setting up a center of excellence, which aims to provide more maintenance, upgraded equipment, and improved technology, with the full support of Saratoga behind its operations and business expansion.

This month FABS will launch a new hospital in Karawang, West Java. This hospital will be the ninth hospital under the FABS auspices.

PT Deltomed Laboratories, one of the major players in the herbal medicine industry, has increased its production capacity and product range such as wider variants of OB Herbal, Tejahe and Kojima in 2019. In addition, it has also launched Kuldon granule, a supplement that helps reduce body heat and Herbamojo, a male-specific product with seven herbal extracts that can boost stamina, energy, immunity, and blood circulation.

About PT Saratoga Investama Sedaya, Tbk.

Founded in 1998, PT Saratoga Investama Sedaya, Tbk. (Saratoga, ticker code: SRTG) is the leading active investment company in Indonesia. Saratoga plays an active role in managing its 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 a focus on sectors that support economic growth in Indonesia such as consumer, infrastructure and natural resources.

Saratoga’s vision is to continue to be the leading active investment company and become a partner of choice for 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:
Corporate Secretary
corporate.secretary@saratoga-investama.com
Financials:
Investor Relations
investor.relations@saratoga-investama.com