Jakarta. The shares of energy company Barito Pacific (BRPT) have seen a significant surge in recent days following business tycoon Prajogo Pangestu's acquisition of an additional 10.5 million shares, increasing his stake in the company.

Closing at Rp 1,030 on Friday, Barito's shares marked a 15.08 percent increase over the past week. This price also stands as the highest Barito has reached since Aug.11, 2023.

Prajogo revealed in a recent filing that he now possesses a 71 percent stake in the company.

While Barito reported a revenue decline for the first half of 2023, from $1.61 billion to $1.37 billion, its net profit surged to $81.67 million from $30.06 million in the same period last year, largely attributed to cost reductions through ongoing efficiency measures.

Following the acquisition of controlling stakes in geothermal companies Star Energy Geothermal Pte. Ltd and Star Phoenix Geothermal JV BV in December 2022, Barito is actively entering the renewable energy sector. These companies are presently overseeing geothermal power plants in West Java.

Barito also holds a significant stake in Indonesia's largest petrochemical company, Chandra Asri Petrochemical (TPIA).