Early 2024, Market Value of Prajogo Pangestu's Listed Companies Plummets

Throughout 2023, the share prices and market capitalization of companies owned by conglomerate Prajogo Pangestu saw aggressive movements. However, at the beginning of 2024, their share values and market capitalization have been observed to decline.

Prajogo Pangestu owns five companies listed on the Indonesia Stock Exchange (IDX). These companies include PT Petrindo Jaya Kreasi Tbk (CUAN), PT Chandra Asri Petrochemical Tbk (TPIA), PT Barito Renewables Energy Tbk (BREN), PT Petrosea Tbk (PTRO), and PT Barito Pacific Tbk (BRPT).

BREN has the largest market capitalization, reaching Rp675.62 trillion based on RTI Business data cited on Thursday (January 11, 2024). This figure is a drastic decrease from December 22, 2023, when it reached Rp1,003.40 trillion.

BREN's share price was Rp5,050 per share on Thursday, January 11, 2024. This represents an 11.01% drop from Wednesday, January 10, 2024, when it was Rp5,675 per share. BREN even plummeted to the auto rejection bottom (ARB) on Tuesday, January 9, 2024.

(Read also: [Sempat Bangkit dari ARB, Harga Saham BREN Kini Rontok Lagi](https://databoks.katadata.co.id/datapublish/2024/01/11/sempat-bangkit-dari-arb-harga-saham-bren-kini-rontok-lagi))

Secondly, TPIA's market capitalization is Rp320.96 trillion. This figure has sharply decreased from Rp508.26 trillion on December 22, 2023. Its share price also fell by 7.25% from the previous day's trading, reaching Rp3,710 per share.

Thirdly, CUAN's market capitalization is Rp150.97 trillion. According to CNBC Indonesia, CUAN's shares have been suspended for the fifth time in the last five months and are almost always under the IDX's scrutiny.

The IDX is still investigating CUAN due to its share price soaring by 6,000% since its initial public offering (IPO) on March 8, 2023. The initial IPO price was only Rp200 per share, now it stands at Rp13,425.

Fourthly, BRPT recorded a market capitalization of Rp99.37 trillion. Its market capitalization fell from Rp132.18 trillion on December 22, 2023. Today's share price is down 4.93% to Rp1,060 per share.

Fifthly, PTRO recorded a market value of Rp4.85 trillion. Its market capitalization reached Rp5.65 trillion on December 22, 2023. Its share price fell slightly by 1.43% to Rp4,810 per share today.

(Read also: [Kinerja Emiten Prajogo Pangestu Sepanjang 2023, Mana yang Tercuan?](https://databoks.katadata.co.id/datapublish/2023/12/22/kinerja-emiten-prajogo-pangestu-sepanjang-2023-mana-yang-tercuan))