Indonesian investors eye $100m mining unit IPO from SRTG

Visual from the company website

Indonesian local private equity company, PT Saratoga Investama Sedaya Tbk (SRTG) plans to raise up to $100 million from an initial public offering (IPO) of it wholly owned subsidiary PT Merdeka Serasi Jaya, a copper and gold miner.

The IPO is scheduled in the second half of this year.

CEO Of Saratoga Investama, Sandiaga Uno said, the company is going to release around 20 per cent of Merdeka’s shares. The fund raised via the IPO is purposed to be used for developing mines and building, a smelter to process copper amd gold concentrates.etc.

Currently, the total assets of Merdeka are estimated at $4 billion, which include the undeveloped Tujuh Bukit Gold and Copper Project in Kendal, East Java.

The company will start to develop  the gold mine this year with the production to start in 2016. Later, the copper project will follow, starting in 2019, with the construction of the smelter. The capacity production is estimated 29 million ounces of gold, 19 billion pounds of copper and 13 million ounces of silver.

Saratoga is exploring to acquire a majority stake in local oil and gas producer Benakat Barat Petroleum. Saratoga already owns 20 per cent of Benakat worth $7.34 million, through Interra Resources, a Singapore-based unit.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.