Indonesian power company Barito was removed by FTSE Russell, causing its stock price to plummet by 36%.

After FTSE Russell announced the exclusion of PT Barito Renewables Energy (hereinafter referred to as "Barito") from its index, the stock price of this Indonesian power company reached the limit down for the second consecutive day, with a one-day decline of 20%, and a cumulative decline of nearly 36% since last Thursday. FTSE Russell stated that the reason for excluding Barito was due to its high shareholder concentration, and planned to remove it from the index on the day following the originally scheduled inclusion date. In a filing submitted by Barito on Sunday night, the company responded that since its listing in October 2023, there had been no significant changes in the shareholding structure of the company. The company pointed out that it had disclosed the shareholding information of four major shareholders to the stock exchange during its initial public offering (IPO), which was consistent with the 97% shareholding percentage disclosed in the company's IPO prospectus. As of September 19th, these four shareholders collectively held approximately 96% of the shares. Originally, FTSE Russell planned to include Barito, a geothermal power plant, in its global total market capitalization index series and related indices starting last Monday. However, according to FTSE Russell's statement last week, the company's stock would be removed from the index starting on Tuesday. It is worth noting that since its IPO, Barito's stock price has surged over 1,400% and reached a historical high earlier this month. Previously, the company had been listed on the observation list of the stock exchange due to its high stock volatility and potential risks, but the stock price had continued to rise thereafter. According to the statement, citing data from the Indonesian Central Securities Depository, as of September 19th, 11.7% of Barito's shares met the requirements for free float. Barito stated that the company would continue to monitor and comply with the exchange's free float rules.