JAKARTA - PT Saratoga Investama Sedaya Tbk (SRTG) officially acquired the majority stake in the Brawijaya Hospital or Brawijaya Healthcare Group in the first quarter of 2024.
This is part of the portfolio diversification strategy run by the investment company.
"We are still consistently continuing to invest in the sectors that are our focus, one of which we always mention is healthcare. In the first quarter, Saratoga has acquired majority shares in Brawijaya Hospital," said Saratoga Investment Director Devin Wirawan quoting Antara.
Devin said Saratoga is fully committed to being actively involved to ensure the continued growth of Brawijaya Healthcare. Saratoga believes that the private hospital group has the foundation to become the leading hospital player in Indonesia.
For information, Brawijaya Healthcare currently has five hospitals and two clinics. Devin assessed that Brawijaya Healthcare has proven to have business expansion capabilities supported by experienced management.
Devin added that Saratoga will also increase investment in private companies so that investors who want to have exposure in the company must go through Saratoga.
Saratoga recorded a net asset value (NAB) or net asset value (NAV) of IDR 48.9 trillion in 2023, or a decrease of 20 percent year-on-year (yoy) compared to the achievements in 2022.
The investment company affiliated with conglomerates Edwin Soeryadjaya and Sandiaga Uno revealed that the fluctuations in commodity prices throughout 2023 had an impact on the share prices of Saratoga's main portfolios, namely PT Adaro Energy Indonesia Tbk (ADRO) and PT Merdeka Copper Gold Tbk (MDKA).
The company noted that Saratoga's share value was still below the performance of the NAV in March 2024. As of the end of March 2024, NAV per share of Saratoga was IDR 3,503 while Saratoga's share value was IDR 1,445 or there was a fairly wide gap with a Saratoga share value of only about 40 percent of the NAV.
"Currently around 80-85 percent of NAVs are contributed by issuers who are already public, such as Adaro, Merdeka Copper, and Tower Bersama. So there is feedback from investors that, if they want to invest in the company, they can directly do it in issuers that are already Tbk. What we are doing right now, such as investing in Brawijaya, we are trying to increase our investment in private companies," said Devin.
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In addition to starting to focus on private companies, Saratoga has also approached investors from the last three to four years, both institutional investors and retail investors, to educate the market. The hope is that the gap between stock value and NAV can be reduced.
Devin said that Saratoga's main portfolio is the natural resources sector with a portion of about 50 percent and digital infrastructure with a portion of about 30 percent. The remaining 15 percent are spread across various sectors including the health sector. Previously last year, Saratoga had also invested in ZAP Clinic.
Some of the blue chip companies included in the Saratoga portfolio include PT Adaro Energy Indonesia Tbk (ADRO), PT Merdeka Copper Gold Tbk (MDKA), and PT Tower Bersama Infrastructure Tbk (TBIG).
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