DIGIVESTASI - The Financial Services Authority (OJK) emphasized that it will take firm action against two companies owned by conglomerate Prajogo Pangestu, namely PT Barito Renewables Energy Tbk (BREN) and PT Petrindo Jaya Kreasi Tbk (CUAN), if proven to have committed violations in the capital market. OJK's Chief Executive of Capital Market Supervision, Derivative Finance, and Carbon Exchange, Inarno Djajadi, stated that the examination of the two issuers is still ongoing. He emphasized that the authority is conducting a thorough examination, including indications of false trading or market manipulation.

“Each finding will be evaluated in accordance with applicable regulations and standards. If violations are found, OJK will strictly enforce the law in accordance with the laws and regulations,” Inarno said in a written statement, Wednesday (2/10/2024).

In addition to conducting examinations, OJK continues to monitor stock movements, including BREN, by analyzing stock price movements to detect irregularities in trading. 

When PT Barito Renewables Energy Tbk (BREN) was first listed on the Indonesia Stock Exchange (IDX) on October 9, 2023, its share price was priced at IDR 780 per share. BREN shares had surged to Rp12,200, recording an increase of 1,464%. However, BREN shares recently experienced a sharp decline after being removed from the FTSE Global Equity index by FTSE Russell. The cause of the removal was four shareholders who control 95% of BREN shares, while the requirement for entry into the FTSE index is the number of shares outstanding (free float) above 5%.

However, the IDX in its official announcement on Tuesday (24/9/2024) stated that BREN's free float ratio actually reached 11.73%. This was conveyed in the Appendix to IDX Announcement No. Peng-00193/BEI.POP/09-2024. Based on IDX evaluation, the number of BREN shares for JCI calculation is 15.69 billion, with a weight to JCI of 4.25% and a free float ratio of 11.73%.

Meanwhile, PT Petrindo Jaya Kreasi Tbk (CUAN), which listed on the stock exchange in March 2023 with an IPO price of IDR 200 per share, has recorded a surge of 6,775%, with the highest share price reaching IDR 13,750 per share.

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