Jakarta—In early trading this week, Monday, September 30, shares of renewable energy issuer PT Barito Renewables Energy Tbk (BREN) weakened, contributing to the decline in the Indonesia Composite Index (IDX Composite).
BREN shares closed down 8.01% to 6,600 in today’s trading. Today’s weakness continued the weakness that occurred in the past week; the shares of this conglomerate issuer Prajogo Pangestu depreciated 18.7%.
The weakening of BREN shares has caused the issuer’s market capitalisation to drop to IDR 882.99 trillion. And throughout the current year, BREN shares have recorded a decline of 11.71%.
The shares of the issuer made by Prajogo Pangestu have not recovered from the massive sell-off on September 20, when FTSE Russell announced that BREN was excluded from the global index constituent.
BREN’s management in its statement emphasized that they do not have the authority to influence the decision of FTSE Russell, which is an independent institution.
What is clear, said management, is that BREN also complies with the free float rules of the IDX, with 11.66% of shares declared as free float – outside of the shares owned by BRPT and GE. (hs)
