Edwin Soeryadjaya's Son Takes the Helm at Saratoga
Jakarta. An extraordinary general meeting of shareholders of listed investment company Saratoga Investama Sedaya has appointed Michael W.P. Soeryadjaya as the company's new president director, replacing prominent businessman Sandiaga Uno, who resigned from the post, the company said in a statement on Wednesday.
The statement said the EGMS approved Sandiaga’s resignation from the president director’s post. Sandiaga co-founded the company together with tycoon Edwin Soeryadjaya, Michael’s father, in 1998.
“The resignation of Sandiaga was a personal decision for him to [allow him to] pursue his personal aspirations. Sandiaga will remain as one of Saratoga’s main shareholders,” the statement said.
Sandiaga has helped develop Saratoga and its business units since the beginning.
Saratoga last year posted a 226 percent net income increase — to Rp 803 billion ($60 million) — thanks to strong revenue growth. Revenue climbed 67 percent to Rp 6.1 trillion, thanks to higher income from infrastructure and natural resources investment.
Saratoga’s portfolio investment as of end of last year reached Rp 22.2 trillion, up from 2013’s Rp 17.8 trillion.
Michael thanked Sandiaga for what he had done for the company and under his leadership, he said he would continue strengthening Saratoga’s business core by optimizing investment opportunities in three main sectors: consumption, infrastructure and natural resources.
“Saratoga is ready for the new era and we will keep strengthening our position as an active investment company. We will keep trying to create optimal added value for our shareholders. With stronger capital and investment portfolios, we believe Saratoga will be more solid and able to take advantage of future growth momentums,” Michael said in the statement.
Michael is a grandson of late William Soeryadjaya, the founder of Indonesia’s biggest automotive company, Astra International.
In the same statement, Jerry Ngo, Saratoga’s financial director, provided updates on some of the company’s latest moves and expansion plans.
He said Saratoga’s subsidiary Surya Nuansa Ceria signed an operational agreement with partner Puncak Jaya Berlima on May 21 to establish Agra Energi Indonesia, an oil and gas exploration company, in which Saratoga owns a 30-percent stake, worth $7.5 million.
Jerry also said that on May 26, Saratoga issued five-year exchangeable bonds worth $100 million through its vehicle company Delta Investment Horizon, proceeds of which are to be used to fund new investment, pay off debts and support the company’s activities.
In another update, Saratoga said it invested in two new ventures last year: Gilang Agung Persada, a company that operates luxury brands, and gold and copper mining firm Merdeka Copper Gold. Merdeka Copper Gold is scheduled to be listed on the Indonesia Stock Exchange (IDX) this month, the statement said.
In April, Saratoga announced that they taken over a 51-percent stake in listed taxi operator Express Transindo Utama, better known as Express Taxi, from local conglomerate Rajawali Corpora in a deal valued at around Rp 1.26 trillion.
GlobeAsia
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