Jakarta – Shares of geothermal issuer PT Barito Renewables Energy Tbk (BREN) experienced a technical rebound on Monday, October 14. The greening of BREN shares at the beginning of this week stopped the bearish trend last week.
BREN shares were again one of the supports for the IDX Composite movement Monday, which also closed in the green zone.
At 16:00 WIB, Barito Renewables Energy shares ended at 6,700, or up 3.08%. The increase contributed to the IDX Composite, which strengthened 0.52% to 7,559.65 today.
Last week, BREN shares were under pressure after Barito Pacific business group owner Prajogo Pangestu actively accumulated them, triggering concerns regarding the reduction of the company’s free float of public shares. The IDX acknowledged that Prajogo has the right to buy shares but warned that this action could reduce the free float.
IDX Director of Corporate Valuation I Gede Nyoman Yetna explained that the company, through its Corporate Secretary, is responsible for ensuring the action complies with the rules, including maintaining the free float. (hs)
