Saratoga Acquires PT GAP Shares

Jakarta, Agustus 12, 2014 – PT Saratoga Investama Sedaya, Tbk. (“Saratoga”, ticker code: SRTG) agreed to acquire a strategic stake in PT Gilang Agung Persada (PT GAP), a well-known fashion, lifestyle and luxurious brands based in Indonesia. The investment forms part of Saratoga’s ongoing investments into Indonesia’s consumer sector this year.

On 30 July 2014, Saratoga signed agreements to purchase, for the total amount of USD 5 million dollar, 4.17% effective shareholding in PT GAP. In connection with this transaction, Saratoga also subscribed to USD 167,000 in exchangeable bonds, which if exercised, will enable Saratoga to increase its stake in PT GAP by up to additional 1.67%, for effective shareholding of up to 5.83%.

PT. GAP manages well-known fashion, lifestyle and luxurious brands such as Guess, Celine, Givenchy, La Senza, Gap, Banana Republic, Raoul and VNC, and timepiece brands such as Guess watches, Gc, Nautica, Swarovski, Superdry and Victorinox Swiss Army in the rapidly growing Indonesian consumer market.

Saratoga President Director, Sandiaga S. Uno commented, “This is an excellent opportunity for Saratoga to strengthen its investments into the consumer sector and provide a well-positioned platform to capitalize on the exceptional growth in Indonesia’s market, which is driven by favorable demographics and a growing affluent middle income class.”

Almost half of Indonesia’s total population of 253 million belongs to the middle class, which represents a consumer market with strong potential for growth. “Through the acquisition of PT GAP shares, Saratoga intends to strengthen its investment portfolio in the consumer sector, similar to what we have achieved in our two other sector focuses, namely infrastructure and natural resources,” said Sandiaga in Jakarta, Tuesday (12/8).

PT GAP President Director, Ronnie Bong said, “Indonesia,  is one of the most important growth stories in the region.  We hold Saratoga in high regard for their strong presence and reputation in Indonesia. With this alliance, we look forward to taking the existing business to new heights. We are excited with the investment by Saratoga. With the assistance of Saratoga, we look forward to accelerating our growth and successfully nurturing our existing brand portfolio and bringing in even more exciting brands for our valued customers in Indonesia.”

Sandiaga added that the fashion industry is a remarkable business as reflected by 2013 data from the Ministry of Trade. Out of the creative industry’s total contribution of Rp 642 trillion to Indonesia’s GDP, the fashion business was responsible for Rp 181 trillion or 2% of the Indonesia’s national GDP.

“The fashion industry is a highly strategic sector amid the steadily rising demands and lifestyles of the Indonesian public. We are optimistic that Saratoga’s investment in PT GAP will further raise Saratoga’s value and benefit its shareholders,” added Sandiaga.

Through prudent portfolio management, Saratoga’s investee companies achieved strong operating performance, contributing to the Saratoga’s positive first half 2014 financial results.

In the first six months of 2014, Saratoga posted profit attributable to shareholders in the amount of IDR 542 billion, up 242% from IDR 158 billion in the same period in 2013. Such growth was particularly supported by profit from Saratoga’s investee companies. The positive performance is also reflected in Saratoga’s Net Asset Value (NAV), which increased by 24.5% to US$1.82 billion compared to US$1.46 billion by the end of 2013.


About PT Saratoga Investama Sedaya Tbk.

Founded by Edwin Soeryadjaya and Sandiaga S. Uno in 1998, PT Saratoga Investama Sedaya, Tbk. (“Saratoga” ticker code: SRTG) is a leading active investment company in Indonesia. Saratoga takes an active role in managing its investee companies as well as in exploring investment opportunities in Indonesia.

Saratoga has proven its success in generating profitable investments in various sectors, that promote economic growth in Indonesia. Saratoga focuses on investment opportunites in the early-stage as well as in the growth stage, and also in special conditions with emphasis on sectors that support Indonesian economic development, such as consumer, infrastructure, and natural resources.

Saratoga’s vision is to continue to be the major active investment company in Indonesia as well as the partner of choice for national and foreign investors, who wish to participate in the dynamic growth of the Indonesian economy.

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