Jakarta, Indonesia Sentinel — Prajogo Pangestu, Chairman of Barito Pacific Group, recently increased his stake in PT Barito Renewables Energy Tbk. (BREN) by purchasing 26.6 million shares, valued at approximately $11.5 million (Rp 181 billion).
The transactions were carried out in two phases, as reported through the Indonesia Stock Exchange (IDX).
The first phase took place on October 2, 2024, when Prajogo acquired 16.7 million shares at an average price of Rp 6,776 per share, totaling around $7.2 million (Rp 113.24 billion). The second phase occurred on October 3, 2024, involving the purchase of an additional 9.9 million shares at an average price of Rp 6,845 per share, valued at approximately $4.3 million (Rp 67.76 billion).
Prajogo’s decision to increase his ownership in BREN reflects his confidence in the company’s future prospects and his commitment to supporting Indonesia’s journey toward achieving net zero emissions.
Merly, Director and Corporate Secretary of BREN, stated, “Mr. Prajogo consistently provides support for the company’s expansion and development. Barito Renewables is strongly committed to advancing the renewable energy sector. We remain optimistic about the company’s potential contributions to Indonesia’s energy transition.”
It is important to note that BREN’s stock recently experienced a significant decline. The company was initially expected to be included in the prestigious FTSE Global Equity Series – Large Cap Index as of September 20, 2024, but it was ultimately removed from the list just days before.
The exclusion, announced by FTSE Russell on September 19, 2024, was attributed to BREN’s failure to meet the free float requirements, with 97% of the company’s shares controlled by just four major shareholders.
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As a result of this exclusion, BREN’s stock plummeted by 40% within a week of trading, dropping from Rp 11,025 per share on September 19, 2024, to Rp 6,600 by September 30, 2024. Despite this setback, Prajogo’s significant investment underscores his belief in BREN’s long-term growth, particularly in the renewable energy sector, where the company continues to play a pivotal role in Indonesia’s sustainability initiatives.
(Ray)
