JAKARTA – Market capitalisation of PT Barito Renewables Energy Tbk (BREN) saw a dramatic downturn at last Friday’s (31/5) closing bell after recording market cap of IDR 1.5 quadrillion last Monday (27/5), the highest among hundreds of issuers in the stock market.

Based on IDNFinancials data today (3/6), BREN is under supervision of Indonesia Stock Exchange (IDX), following a temporary suspension of over one day at the stock exchange last Wednesday (29/5). Today (3/6), BREN is still under suspension, reportedly arriving at IDR 8,000 per share.

Last Friday (31/5), it was closed at IDR 8,225 with market cap of IDR 1.10 quadrillion. It plummeted IDR 400 trillion since the beginning of last week, hitting IDR 1.5 quadrillion.

This issuer, owned by Prajogo Pangestu, has showed fantastic uptrend since its initial public offering last year, on October 9, 2023. The offering price was set to IDR 780 per share at that time, with market cap of IDR 104.35 trillion.

Then, within seven months in the stock market, BREN’s market cap has shot up by 954.48%, surpassing other issuers that conducted IPO last year. This surge even allows BREN to defeat the long-reigning PT Bank Central Asia Tbk (BBCA) with its skyrocketing market cap and has consistently arrived at the upper level of Top 50 Big Market Cap of Jakarta Composite Index (JCI). (LK/ZH)