Saratoga Capital plans to buy 7 percent stake in PT Nusa Raya Cipta (NRC), a subsidiary of PT Surya Semesta Internusa Tbk (SSIA) engaged in construction. The share purchase value is around Rp 105 billion. “Saratoga will enter NRC through IPO (initial public offering) next May,” said President Director Surya Semesta Johannes Suriadjaja in Jakarta, Monday (18/3). Johannes said, NRC will release 20 percent of new shares through the IPO, with a target of Rp 300 billion. Saratoga will absorb 35 percent of the shares issued in the IPO or equivalent to 7 percent share ownership. Based on Surya Semesta’s financial report as of December 2012, Surya Semesta’s share ownership in NRC reached 83.3 percent.

Total assets of NRC reached Rp 837 billion. NRC appointed PT Ciptadana Securities as underwriter of IPO. The Company will use the financial statements of December 2012. A total of 2/3 of IPO funds are planned to be allocated to fund working capital and the rest to invest in various construction projects. Beginning in 2013, the NRC won a new contract of Rp 700 billion. Last year, the new NRC contract was around Rp 2.5 trillion. Saratoga was founded in 1998 by two local businessmen, Edwin Soeryadjaya and Sandiaga Uno. The nationally renowned investment company is expected to manage US $ 2 billion more. Saratoga invests in several top national companies, such as PT Adaro Energy Tbk (ADRO), the second largest coal company in the country, and PT Tower Bersama Infrastructure Tbk (TBIG), which operates in the telecommunications infrastructure sector.

Not long ago, Saratoga is reportedly intending to release Saratoga Investama Sedaya shares, a private equity firm, through this year’s IPO. The target is around US $ 200 million. Saratoga plans to invest US $ 480 million in a number of consumer goods companies. Meanwhile, Surya Semesta posted a 175 percent surge in net income to Rp 707 billion last year, compared to 2011’s Rp 252 billion. Earnings per share (EPS) reached Rp 150 from Rp 55. Surya Semesta has three business units, namely property covering industrial estate, construction services, and hotels. Surya Semesta through its subsidiary, PT Suryacipta Swadaya (SCS), manages Suryacipta of Industry industrial estate in East Karawang, West Java. Land concession area reaches 1,400 hectares (ha). Business contractors worked on NRC. PT Suryalaya Anindita International (SAI) is Surya Semesta’s business vehicle in the domestic hospitality sector