JAKARTA – Stock price of PT Barito Renewables Energy Tbk (BREN) plummeted 9.70% from IDR 6,700 to IDR 6,050 until the closing day of today’s (7/6) morning session. The market capitalisation of this company, owned by Prajogo Pangestu, then arrived at IDR 809.40 trillion, down IDR 86.96 trillion since the opening bell.

Based on the data compiled by IDNFinancials, BREN’s price has consistently decreased since being put under monitoring of stock exchange authority following the over-1-day stock suspension last week (29/6). With this condition, the stock entered full call auction scheme, forcing the price to go down 10% throughout the trading session due to upper limir of auto rejection.

Yesterday (6/6), BREN was seen slipping to IDR 6,700 from IDR 7,400 per share, its closing price last Wednesday (5/6). Its market cap was cut 9.45% to IDR 896.36 trillion from IDR 990.01 trillion. Until this afternoon, its market cap plummeted IDR 86.96 trillion to IDR 809.40 trillion from IDR 896.36 trillion.

BREN’s stock price decline due to the FCA system has seemingly put an end to its consecutive price surge since its initial public offering (IPO) on October 9, 2023. At that time, the price was set to IDR 780 with market cap of only IDR 104.35 trillion. Less than a year later, it soared to IDR 11,250 per share with market cap of IDR 1.50 quadrillion as seen at last week’s (27/5) closing bell.

As of May 2024, the number of shareholders were recorded at 11,708, and free float rate of 11.73% or 15.66 billion shares. For comparison, in November 2023, the number of shareholders was nearly doubled, at 24,754 shareholders with free float of 11.73% or 15.69 billion shares.

At IPO, BREN offered 4,015 billion shares or 3% of its issued and paid-up capital of BREN. Its equity was reported at USD 474.29 million, or equal to approximately IDR 7.35 trillion, with currency exchange rate of IDR 15,500 per USD. (LK/ZH)