Sandiaga Uno: Stock Portfolio & Latest Updates

Sandiaga Uno is renowned as a prominent Indonesian entrepreneur with a strategic focus on diverse investment sectors. He skillfully manages these investments through PT Saratoga Investama Sedaya Tbk (SRTG), a company he co-founded with Edwin Soeryadjaya in 1998. Currently, Saratoga oversees an impressive investment fund valued at $3 billion, approximately Rp50.1 trillion, a clear indicator of its continuously expanding business scale.

Saratoga’s extensive portfolio spans key sectors including energy, healthcare, minerals, digital, and consumer goods. As of September 1, 2025, its investment market capitalization had surged to over $21 billion, equivalent to approximately Rp350.7 trillion. This raises critical questions: what are the specific stocks Sandiaga Uno holds through Saratoga, and what are the latest developments concerning each of these entities?

1. Saratoga Investama Sedaya Serves as the Primary Investment Vehicle

SRTG stands as the foundational investment company established by Sandiaga Uno to manage a broad array of long-term assets. Through this vehicle, Saratoga extends its reach into numerous strategic sectors via both direct and indirect investments. Sandiaga’s direct ownership in SRTG is substantial, holding 2.91 billion shares, which constitutes 21.51 percent of the total registered shares as of July 31, 2025. This significant stake firmly positions SRTG at the heart of Sandiaga Uno’s entire stock portfolio in the capital market.

On September 1, 2025, SRTG‘s stock performance closed at Rp1,815 per share. This figure represented a 2.16 percent decline compared to its previous opening. Year-to-date, SRTG‘s shares have weakened by 13.16 percent throughout 2025. This trend reflects prevailing market pressures on investment issuers, particularly amidst the volatility observed within the energy and mineral sectors.

2. Adaro Andalan Indonesia Bolsters the Energy Mining Portfolio

PT Adaro Andalan Indonesia Tbk (AADI) is a prominent coal issuer, emerging from a strategic spin-off from its parent company, PT Alamtri Resources Indonesia Tbk. Saratoga holds a significant 14.21 percent ownership stake in this company, making AADI a substantial energy asset within Sandiaga Uno’s portfolio via Saratoga. The company maintains its core focus on coal production, navigating the dynamic landscape of global commodity prices.

As of September 1, 2025, AADI closed at a price of Rp7,070 per share. This valuation indicates a year-to-date decline of 16.81 percent throughout 2025. The global pressure on coal prices has been a primary factor influencing this stock’s performance. Despite this downturn, AADI remains a crucial component in diversifying Sandiaga’s energy portfolio.

3. Alamtri Resources Indonesia Pivots Towards Renewable Energy

PT Alamtri Resources Indonesia Tbk (ADRO), formerly known as Adaro Energy Indonesia, underwent a major restructuring in December 2024. This strategic move involved divesting its thermal coal business to AADI. Following this, ADRO has increasingly concentrated its efforts on developing new and renewable energy sources. Saratoga’s recorded ownership of 15.78 percent of ADRO‘s shares solidifies its position as one of the significant shareholders.

On September 1, 2025, ADRO closed trading at Rp1,720 per share. This price marks a substantial 29.22 percent decrease since the beginning of the year, signaling ongoing pressure in the energy sector that has yet to fully recover. Nevertheless, the company’s clear orientation towards renewable energy presents a compelling opportunity for long-term growth within Sandiaga Uno’s equity portfolio.

4. Merdeka Copper Gold Demonstrates Significant Growth

PT Merdeka Copper Gold Tbk (MDKA) is a prominent metal mining issuer, primarily focused on commodities such as gold, silver, and copper. Saratoga commands a substantial stake, holding 4.97 billion shares, equivalent to 20.33 percent of MDKA‘s total shares listed on the IDX. This investment has proven to be one of the most profitable for Sandiaga Uno throughout 2025, with robust global demand for base metals fueling the company’s positive outlook.

On September 1, 2025, MDKA closed at Rp2,490 per share, recording an increase of 0.81 percent from its previous opening. Impressively, this stock has surged by 54.18 percent year-to-date in 2025. This stellar performance makes MDKA a powerful growth contributor within Sandiaga Uno’s stock portfolio.

5. Samator Indo Gas Supports National Industrial Gas Needs

PT Samator Indo Gas Tbk (AGII) stands as the largest industrial gas company in Indonesia, producing a wide range of gases from oxygen and nitrogen to critical medical gases for healthcare facilities. Saratoga owns 306.66 million shares, representing 10 percent of AGII‘s total shares. This ownership underscores Saratoga’s commitment to a sector vital for both industry and public health.

During trading on September 1, 2025, AGII closed at Rp820. This figure reflects a 41.43 percent decline since the start of the year. Pressures from industrial demand and shifts in sector-specific needs have influenced the stock’s price performance. Despite this weakening trend, AGII remains an essential component in Saratoga’s diversified portfolio.

6. Tower Bersama Infrastructure Dominates Telecommunication Infrastructure

PT Tower Bersama Infrastructure Tbk (TBIG) operates as a leading provider of telecommunication towers. Its extensive assets include thousands of towers and repeater networks, crucial for supporting mobile operators across Indonesia. Saratoga holds an indirect ownership stake through Bersama Digital Infrastructure Asia Pte Ltd, which controls 79.74 percent of TBIG‘s shares. In turn, SRTG owns 27.89 percent of this controlling entity.

On September 1, 2025, TBIG closed at Rp1,845 per share. Year-to-date, its share value has decreased by 12.14 percent. This price reduction suggests a slowdown in telecommunication industry expansion in certain regions. Nevertheless, TBIG continues to play a significant role in ensuring the long-term revenue stability of Sandiaga Uno’s portfolio.

7. Nusa Raya Cipta Records a Growth Surge Throughout 2025

PT Nusa Raya Cipta Tbk (NRCA) is a construction company specializing in infrastructure development and commercial buildings. Saratoga holds 173.91 million shares, accounting for 6.97 percent of the total listed shares. This issuer has experienced remarkable growth since early 2025, with surging demand in the infrastructure sector serving as a primary catalyst for this expansion.

On September 1, 2025, NRCA‘s share price stood at Rp915. This figure represents an astonishing 159.94 percent increase throughout 2025, making it one of the highest growth performers in Sandiaga Uno’s stock portfolio. This substantial surge reflects strong market optimism surrounding the construction sector.

8. Mitra Pinasthika Mustika Strengthens Saratoga’s Consumer Portfolio</p

PT Mitra Pinasthika Mustika Tbk (MPMX) is a diversified consumer issuer operating across the automotive sector, financing, and car sales services. Saratoga is notably the controlling shareholder, holding a total of 2.53 billion shares, or 56.69 percent. This company stands as a crucial pillar within the consumer sector of Sandiaga Uno’s portfolio, with its varied business operations offering strong potential for recurring revenue streams.

On September 1, 2025, MPMX closed at Rp955. Its year-to-date movement shows a 3.05 percent decline throughout 2025. Pressures within the automotive market have influenced the company’s stock price performance. Despite this weakening, MPMX remains an important asset in the diversified investment strategy executed through Saratoga.

Sandiaga Uno’s equity portfolio showcases robust diversification across numerous strategic sectors, ranging from energy and healthcare to consumer goods. While several stocks have faced headwinds and experienced weakening performance, a number of issuers have recorded exceptionally positive results throughout 2025. This comprehensive overview offers valuable insight for investors seeking to understand and potentially emulate a diversified investment strategy, as exemplified by Sandiaga Uno through Saratoga.