Barito Renewables (BREN) Sets IPO Price at IDR 670-IDR 780

First, to pay part of the B facility debt to Bangkok Bank Public Company Limited (Bangkok Bank) as much as US$ 158.58 million.

Second, to fulfill payment obligations to Star Energy Oil and Gas Pte. Ltd. and BREN as the implementation of the appointment and cost replacement agreement signed by BREN, Star Energy Group Holdings and Star Energy Oil and Gas dated July 3, 2023  and BREN's letter dated August 25, 2023, regarding the appointment of Star Energy Group Holdings as the shareholder of ACEHI Netherlands B.V.

The details of the payment obligations based on the appointment and cost replacement agreement are the payment obligations to Star Energy Oil and Gas as much as US$ 66.5 million. 

Then, the obligation to return the advance to  BREN is US$ 6 million.

The funds obtained by BREN from the fulfillment of obligations by Star Energy Group Holdings will be used by BREN for working capital including but not limited to salary payments, professional service fees and rental fees.