Friday, 17 Augst 2018 | 02:57 WIB

Saratoga Shares Strengthens After Sandiaga Uno’s Appointment as Vice Presidential Candidate

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JAKARTA, NNC - Prabowo Subianto officially appointed Sandiaga Salahudin Uno as the Candidate for Vice President who will accompany him to advance to the 2019 Presidential Election.

Before his political career, Sandiaga Uno was known for his expertise in business. One of his successful business corporations is the Saratoga Group.

Saratoga was founded in 1998 by Edwin Soeryadjaya and Sandiaga Salahudin Uno with a main focus in the energy business sector. In 2001, Saratoga invested in Adaro Energy.

Saratoga has also registered its shares on the Indonesia Stock Exchange (IDX) since 2013 under the official name Saratoga Investama Sedaya (IDX:SRTG).

The issuer focuses on the business sector of consumer products & services, infrastructure, and natural resources, and recorded 22 operational investee companies in which 11 companies were listed on the stock exchange.

Along with Sandiaga's appointment as Prabowo's vice president, at 9:40 JATS, the IDX:SRTG shares were observed to increase by 90 points (+ 2.42 percent) to IDR3,800 per share. Its stock trading volume was 1,132 lots worth IDR431.33 billion.

The share price of the investment company also recorded an increase. In the same period, Adaro Energy (IDX:ADRO) shares were up five points (0.25 percent) to IDR1,940 per share. The transaction volume reached 84,549 lots worth IDR16.41 billion.

Similarly, Tower Bersama Infrastructure (IDX:TBIG) strengthened 25 points (0.43 percent) to IDR5,725 with a trading volume of 1,153 lots, and a transaction value of IDR662.98 million.

The strengthening of IDX:SRTG shares has been going on since trading last Thursday, where at yesterday’s closing bell, IDX:SRTG was recorded up 40 points (+ one percent) to IDR3,720 per share.

Nevertheless, Capital Market Observer, Reza Priyambada considered that the increase would only last for a moment. Market participants take advantage of the moment to enter certain stocks that have something to do with presidential and vice presidential candidates.