It is currently seeking local and foreign partners to team up with for investing in the taxi operator.
In April, Saratoga had signed an agreement with the Rajawali Corpora, Express’ parent company, formaliaing Saratoga’s intention to buy Rajawali’s 51 per cent stake in Express.
Jerry Ngo, a director at Saratoga told DEALSTREETASIA on Friday that the company intends to close the deal in July.
Based on Express’ latest share price of Rp 970 on Tuesday, the 51 per cent stake in the company would be worth about 1 trillion rupiah ($75.19 million).
Express is the second-largest taxi operator in Indonesia, boasting a fleet of more than 10,000 cabs and more than 18,000 drivers nationwide. It also has other transportation services, including, bus rentals and limousine services. It holds a market share of about 11 per cent in Indonesia’s taxi services sectors.
Besides seeking to invest in taxi operator, Saratoga, found by businessman Edwin Soeryadjaya, also plans to tap into infrastructure, geothermal and renewable energy businesses. According to Jerry, the company is preparing up to $200 million for investments this year.
Saratoga’s oil refinery unit PT Tri Wahana Universal (TWU) and electricity producer PT Medco Power, in which Saratoga owns substantial stake, aim to boost their business organically and un-organically by taking over or acquiring part of projects and oil and gas blocks in Indonesia.
TWU produces high speed diesel, straight-run gasoline and vacuum tower at its refinery in Bojonegoro, East Java. The oil comes from Banyuurip field, within Cepu Block.
Medco Power owns and operates a 1,320 megawatt (MW) power plant in Jepara, Central Java province, 300 MW power plant in Batam, Riau Islands province and 30 MW plant in South Sumatera province.
Medco power is planning to invest in geothermal projects in Indonesia, among them are the 110 MW Ijen geothermal project in East Java. Meanwhile TWU is currently studying the government’s offer to take part in the development of an oil refinery with capacity of 300,000 barrels per day in East Kalimantan.
Saratoga focuses on three key sectors – infrastructure, consumer products & services and natural resources.
Currently, the group has 17 subsidiaries, nine of which are public companies listed in Indonesia Stock Exchange like coal producer Adaro Energy, tower operator Tower Bersama Infrastructure, plantation firm Provident Agro and leasing company Mitra Pinasthika Mustika.