JAKARTA. PT Sunindo Pratama Tbk (SUNI), a freshly publicly listed issuer on Indonesia Stock Exchange (IDX), has channelled a loan facility worth IDR 75 billion to one of its subsidiaries, PT Rainbows Tubulars Manufacture (RTM).

The loan facility is a follow-up to the previous Memorandum of Understanding (MoU) that was signed by both parties in mid-2022.

Based on said agreement, RTM will be charged with 9% annual interest rate. The tenor set for this facility is 60 months.

“Said loan will be used by RTM solely to pay off its operational debts to its suppliers and to fund its working capital,” the management of SUNI added in the information disclosure in IDX.

For the record, this facility provision is categorised as a material transaction as dictated by the Financial Services Authority (OJK). The transaction value indeed reaches 21.92% of SUNI’s total equity as of June 30, 2022. (KR/ZH)