BREN shares weaken, BlackRock continues to offload shares

Jakarta – Shares of PT Barito Renewables Energy Tbk (BREN), Friday, October 11, were again under pressure and closed at 6,500, down 0.38%. The weakening of BREN shares Friday is inversely proportional to the Indonesia Composite Index (IDX Composite), which ended up 0.54% higher at 7,520.6.

Meanwhile, Prajogo Pangestu has been aggressively increasing his stake in BREN. The last accumulation was recorded from October 2, 2024, to October 3, 2024, when the price of BREN continued to correct amid sentiment of the issuer’s exit from the FTSE Russell Index at the end of September 2024.

However, the buying action carried out by the Barito Pacific group’s business owner has not been able to lift BREN shares from their weakening trend.

Meanwhile, according to the latest data, US-based asset management company BlackRock Inc., which holds the fourth-largest stake in PT Barito Renewables Energy Tbk, recently released its stake in BREN. On Wednesday, October 9, BlackRock released 124,300 shares, a follow-up action carried out in September 2024.

BlackRock shares in Barito Renewables Energy are still below Prajogo Pangestu’s 119.78 million shares. The latest release also shows that the number of BREN shares held by BlackRock will continue to shrink in Semester II 2024.

At the end of June 2024, Blackrock owned 150.65 million BREN shares. In July 2024, the number controlled dropped to 73.65 million shares. Then, in August 2024, BlackRock’s holdings shrank again to 72.34 million shares.

Then, BlackRock again reduced its ownership to 71.51 million shares as of September 30, 2024. And with last Wednesday’s share release, the investment management company led by conglomerate Larry Fink holds 71.35 million BREN shares. (hs)

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