JAKARTA. The share price of PT Barito Renewables Energy Tbk (BREN) fell 19.95% to IDR8,825 per share at the start of trading today.
The plunge in BRENs share price followed news of the removal of BREN shares from the FTSE Russel index. For the record, FTSE Russel is an index on the London Stock Exchange (LSE) and is managed by the FTSE Group.
The removal of BREN shares from the FTSE Russel index list was carried out after an evaluation of free float restrictions, or the minimum limit of shares owned by public investors. This evaluation includes FTSE Russels efforts to avoid dominance by certain shareholders who have a jumbo portion in BREN.
Barito Renewables Energi, which is included in the FTSE Global All Cap Index effective September 2024, will be removed from the FTSE Russel index starting September 25, 2024, wrote FTSE Russel, in its official statement.
According to .com data, BRENs stock price is currently at its lowest since August 15, 2024. The price drop in this short period of time has also caused BRENs stock to be subject to ARB (Auto Reject Down) in trading on the Indonesia Stock Exchange (IDX). (KR/LM)