JAKARTA - PT Barito Renewables Energy Tbk (BREN) has realised 83.84% of total proceeds of its initial public offering (IPO), amounting to IDR 2.58 trillion out of IDR 3.08 trillion. The IPO was held on October 9, 2023. 

In the information disclosure quoted today (16/1), Merly, Director of BREN, mentioned that the IPO proceeds has been used to pay off some portions of facility B owed to Bangkok Bank Public Company Limited (BBL) worth IDR 1.43 trillion, pay off obligations to Star Energy Oil and Gas Pte Ltd (SEOG) of IDR 1.05 trillion, and to the company of IDR 95.49 billion. 

The initial allocation plan consists of paying off facility B to BBL of IDR 1.96 trillion, pay off obligations to SEOG of IDR 1.02 trillion, and pay off obligations to the company of IDR 92.29 billion. 

The difference between the plan and the realisation of these IPO proceeds, particularly within obligation payment to SEOG, is due to the difference of average currency exchange rate. During the transaction, it was USD 15.196 per USD, while the prospectus uses mid-rate set by Bank Indonesia on September 23, 2023, worth IDR 15,383 per USD. (LK/ZH)