Saratoga acquires Agra Energi

IDX-listed investment company PT Saratoga Investama Sedaya Tbk said it has acquired PT. Agra Energi Indonesia and PT Batu Hitam Perkasa as part of three new investments it made throughout 2015.

Saratoga said in a statement Wednesday that Agra Energi is engaged in deep sea oil and gas exploration in eastern part of Indonesia, while Batu Hitam is a shareholder at PT Paiton Energy, one of Indonesia?s largest independent power producers. It did not say how much shares it acquired in the two firms.

According to Agra Energi website, Saratoga is its major shareholder. A previous report in this portal said that Saratoga acquired 16.67 percent stake in Batu Hitam, which owns 5 percent of Paiton. Batu Hitam is majority owned by PT Agung Indonesia.

Michael Soeryadjaya, Saratoga President Director, said that the company going forward will continue to invest in fundamental sectors including natural resources,infrastructure, consumers and logistics.

In the natural resources sector, Saratoga also holds shares in IDX-listed gold mining firm PT Merdeka Copper Gold Tbk, ASX-listed Sumatra Copper & Gold, and IDX-listed coal giant PT Adaro Energy Tbk.

Saratoga said in the statement that in January of this year it divested its ownership in PT Pulau Seroja Jaya, which operates tug boats and coal barges, for received proceeds of Rp 98.6 billion.

Editing Reiner Simanjuntak