JAKARTA - PT Sunindo Pratama Tbk (SUNI) has invested IDR 152.81 billion in its subsidiary, PT Rainbow Tubulars Manufacture (RTM), in order to enhance its steel and iron pipe production capacity.

In the information disclosure quoted Monday (19/2), Willy Johan Chandra, President Director of SUNI, mentioned that RTM will install a new production line and production capacity increase. “It needs extra capital for this plan,” Chandra said.

With the increase in pipe production and steel and iron pipe connector, the company will expand its new product line and market. As a result, the sales and profit are projected to grow in the next year.

RTM’s shares were 99.99% owned by SUNI, with the listed controlling shareholder being its President Commissioner, Soe Tie Lin. As of January 2023, SUNI reported 2.5 billion listed shares with Soe Tie Lin owning 64.6%, Willy Johan Chandra 11.4%, and the public 24%.

As of September 2023, SUNI’s sales were recorded at IDR 476.65 billion, in which oil country tubular goods generated IDR 434.13 billion of sales, followed by wellhead and Christmas tree of IDR 31.98 billion, and others of IDR 10.53 billion. Services, through wellhead engineering services, also generated income of IDR 12.5 million. (LK/ZH)