Ditri Kemala Rizki gets Sandiaga Salahudin Uno to share his thoughts on the current state of Indonesian business.

Sandiaga Salahudin Uno graduated summa cum laude from Wichita State University and earned a master’s degree from George Washington University. Over the past three years, he has gained a lot of respect for his views on various issues, mainly economic. So it is no surprise to find him in the limelight.

Uno traded a high paying job in the financial sector to start a company with a friend. “I became an entrepreneur in 1997, which was right around the time of the economic crisis. I started Recapital with a long-time high-school friend. Basically, we thought of providing financial advice on a boutique basis for Indonesian clients. At that time, foreign and large Indonesian players dominated the industry, so we carved out a niche in providing alternative investments. We started small with only four people.

Now, it is one of the leading investment houses,” Uno recalls. “(My partner) is more entrepreneurial whereas I am more process-oriented. He had a free hand in developing Recapital when I was building up Saratoga Capital.”


An opportunity came up in 1998 right after the riots. Uno was involved in setting up a private equity company that specialises in investing in post-crisis Indonesia. To attract investors, he did road shows abroad, promoting investment opportunities in Indonesia and providing updates on direct investment regulations as well as the government’s stand on foreign investor protection in Indonesia. He focused on investments in Kalimantan and Sumatra, which are rich in natural resources such as coal and palm oil.

Saratoga Capital garnered strong financial support. When Uno started the business, the company worked with foreign investors. As the company grew, they invested their own capital. The biggest shareholder is still PMA, which holds 70 per cent, and there are plans to pull in more investors to expand the business.

“Most of the profit from these investments is re-invested back into the company to increase production. The point is to introduce financial discipline, knowledge and expertise that foreign investors are known for. We have to woo them in because technology transfer and capital will be needed. One day, Indonesians will play a significant role in boosting Indonesia’s economy.”



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