Supported by Solid Cash Flow, Saratoga Optimizes Investment Opportunity in Brawijaya Healthcare

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

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

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

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

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

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

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

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

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

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

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

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About PT Saratoga Investama Sedaya Tbk

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

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

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

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

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