JAKARTA (TheInsiderStories) - Private equity firm, PT Saratoga Investama Sedaya Tbk (IDX: SRTG) has increased its ownership in cold storage company, PT Mulia Bosco Logistik (MGM Bosco), from 7.5 percent to 23.7 percent, the management reported last week. Based on the company data, the venture capital adding their shares through a rights issue scheme and was completed last year.
The company was founded by Edwin Soeryadjaya and Sandiaga Salahuddin Uno, acquired the logistic operator in 2016 by purchasing a 5.63 percent stake with valued Rp18.4 billion (US$1.27 million). MGM Bosco operates a refrigerated truck transportation service business that provides services to large companies in the fast-moving consumer goods industry in Jakarta and Surabaya in East Java.
The company also operates warehouse facilities and refrigeration machines in North Jakarta. Currently, the provider operates 850 units of refrigerated vehicles to carry up to 25 tones of load capacity in 100 cities in Indonesia.
In this month, Saratoga has escalated its ownerships in the leasing company, PT Mitra Phinastika Mustika Tbk (IDX: MPMX). The issuer purchased 193.85 million shares of the subsidiary’ share for Rp105.65 billion or Rp545 a unit. Prior to the transaction, its ownership in the two-wheeled vehicle distributor was 52.21 percent and now increased to 56.55 percent.
Other subsidiary, PT Merdeka Copper Gold Tbk (IDX: MDKA) has signed a joint venture agreement with Eternal Tsingshan Group Ltd., in February 2021, to develop an acid iron metal project in Wetar, Maluku, that expected to produce in 2022. The company through its subsidiary PT Batutua Pelita Investama owned 80 percent ownerships in the joint venture company (JVC).
The Wetar Copper Project is located far away, on the north-central coast of Wetar Island. Finders holds a 95 percent stake in the JVC, engaged in a high-quality copper mine concession with JORC-compliant resources of 200,000 tones of copper as of 2013.
In the health sector, their hospital manager, PT Famon Awal Bros Sedaya (Primaya Hospital), has successfully launched a new hospital in Karawang, West Java, and has operating 9 hospitals in total by the end of 2020. The company plans to launch four new hospitals in the first semester of 2021.
Established in 1998, Saratoga is an active investment company in Indonesia. Some of its investment portfolios include PT Adaro Energy Tbk (IDX: ADRO) which was first invested in 2002. Then PT Aneka Gas Industri Tbk (IDX: AGII), which started to become the new portfolio in 2018.
In the infrastructure sector there are Tower Bersama Group and PT Nusa Raya Cipta Tbk which are engaged in the toll road business. Apart from Adaro and Merdeka Copper, Saratoga has also invested in Interra Resources since 2014, PT Provident Agro Tbk (IDX: PALM) since 2012 and Sihayo Gold Limited since 2012.
In this year, Saratoga 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.
US$1: Rp14,500
Written by Editorial Staff, Email: theinsiderstories@gmail.com
