JAKARTA (TheInsiderStories) - The investment manager, PT Saratoga Investama Sedaya Tbk (IDX: SRTG), escalated its ownerships in the leasing company, PT Mitra Phinastika Mustika Tbk (IDX: MPMX). The management said has purchased 193.85 million shares of the subsidiary’ share for Rp105.65 billion (US$7.23 million) or Rp545 a unit.
“The purpose of the transaction is for investment with direct ownership status,” wrote the management in a released on Wednesday (04/14).
Prior to the transaction, Saratoga‘ ownership in the two-wheeled vehicle distributor was 52.21 percent and now increased to 56.55 percent. In this year, the private equity firm pioneered by Sandiaga Uno and Edwin Soeryadjaya is also planning split the stocks with ratio 1: 5 and buyback the company shares up to Rp150 billion in April 2021 to June 2022.
During last year, Mitra Phinastika reported their revenue fell 32.48 percent to Rp11.18 trillion compared to 2019. In line with shrinking revenue, the net profit also fell by 72.68 percent from Rp433.06 billion in 2019 to Rp118.33 billion in 2020.
While, Saratoga closed the 2020 with a net profit of Rp8.82 trillion and cash and cash equivalents were recorded at Rp430.6 billion. In the same year 2020, the company posted a net asset value (NAV) of Rp35 trillion, rose 53.17 percent compared to the end of 2019 which was valued at Rp22.85 trillion.
The increase was triggered by the strengthening of the stock prices of its portfolios, including PT Merdeka Copper Gold Tbk (IDX: MDKA) and PT Tower Bersama Infrastructure Tbk (IDX: TBIG). According to Devin Wirawan, the investment director of the company, said the increase in NAV was in line with the portfolio diversification strategy.
Apart from Merdeka Copper and Tower Bersama, the other portfolios are PT Adaro Energy Tbk (IDX: ADRO) and Mitra Pinasthika. In the future, he continued, his party targets the contribution of investee shares from the consumer goods, health, and logistics, continue to increase.
As an investment company, he claimed, the company also enjoys dividends from its portfolios. In the last four years, the company has consistently received dividend income more than Rp800 billion. Apart from companies listed on the Indonesia Stock Exchange, the fund managers also expand their investment to startup technology companies through Skystar Capital and Provident Growth Fund.
Skystar has invested in more than 30 companies and te Provident Growth Fund have been involved in a number of startups with a valuation above $1 billion such as Traveloka, Gojek, and JD.ID. President director of Saratoga, Michael Soeryadjaya, stated that the performance of the investment was the key to the achievement.
Founded in 1998, the investment managers has plays an active role in managing investee companies and exploring investment opportunities in Indonesia.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.
US$1: Rp14,600
Written by Editorial Staff, Email: theinsiderstories@gmail.com
