The company’s president director, Sandiaga Uno, said that Saratoga’s total assets were worth above Rp 10 trillion (US$1.02 billion) as of the end of last year, which was a triple increase in the last five years.
“We are expecting to continue to grow the same way we did in the last five years,” Sandiaga said.
The company currently owns 15 companies, including coal miner PT Adaro Energy, telecommunication tower operator PT Tower Bersama Infrastructure, power company PT Medco Power Indonesia, plantation firm PT Provident Agro, flag carrier Mandala Airlines and motorcycle distributor PT Mitra Pinasthika Mustika.
“At this moment, the value of Tower Bersama is the biggest,” Sandiaga said.
Tower Bersama, whose shares are traded on the Indonesia Stock Exchange (IDX) under the code TBIG, had Rp 14.89 trillion in total assets according to its financial statement as of the end of March.
TBIG has 14,319 tenants on its 8,810 telecommunications sites as of the end of March.
The 8,810 sites included 7,426 telecommunications towers, 1,040 shelter-only sites and 344 distributed antenna system networks.
Saratoga is planning to invest more in three promising sectors: the consumer, infrastructure and natural resources sectors.
“We remain studying [the amount to be invested]. We will prepare a sufficient amount to support our growth, both from IPO [initial public offering] and from loans,” Sandiaga said.
Saratoga, founded by local tycoon Edwin Soeryadjaya and Sandiaga in 1998, is preparing to launch an IPO, aiming to raise around $200 million.
One of its subsidiaries, motorcycle distributor Mitra Pinasthika Mustika, is preparing to have an IPO with 970 million shares set to be released at a price of Rp 1,500 apiece.
Mitra Pinasthika Mustika, which will officially list its shares on the bourse next Wednesday, will raise Rp 1.45 trillion from the offering.
Saratoga has recently reported to have planned a share swap with PT Nusa Raya Cipta, a subsidiary of Jakarta-listed property company PT Surya Semesta Internusa (SSIA).
Saratoga will reportedly purchase a 7 percent stake in Nusa Raya.
Meanwhile, Nusa Raya, which is also planning to launch an IPO, will purchase Saratoga’s 7 percent stake in the PT Lintas Marga Sedaya, the developer of the Cikampek-Palimanan toll road.
Nusa Raya is planning to release around a 20 percent stake in the IPO to gain around Rp 300 billion in the first half of this year.
Sandiaga declined to comment further on the deal.
“However, we are committed to investing in infrastructure and its related businesses, including construction,” he said.
The number of infrastructure projects in the country is increasing on the back of the government’s ambitious Master Plan for the Acceleration and Expansion of Indonesia’s Economic Development (MP3EI).
Infrastructure-related sectors have also recorded significant growth, such as the cement sector, which saw a 14.5 percent growth in national sales last year.
(Raras Cahyafitri/The Jakarta Post)
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