JAKARTA – PT Sunindo Pratama Tbk (SUNI) raises its stock portion in PT Rainbow Tubulars Manufacture (RTM) to 99.96%. Prior to this purchase, its ownership percentage in RTM was only 60%.

Quoting the disclosure today (12/1), SUNI has reportedly purchased 39.96% of PT Sunda Optima Pipe (SOP) for IDR 70.65 billion. This transaction entails the previous agreement between both parties that were signed back in July 2022. Both companies are not affiliated.

The transaction value is said to reach 20.65% of total equity of SUNI as of June 2022 worth IDR 342.16 billion. This acquisition could hopefully reinforce SUNI's position in the seamless pipe industry in Indonesia. (LK/ZH)