JAKARTA. PT Sunindo Pratama Tbk (SUNI) and its subsidiary, PT Rainbow Tubulars Manufacture (RTM), has signed a credit agreement with PT Bank UOB Indonesia.

In said agreement, SUNI is said to obtain an Omnibus LC/SKBDN facility worth IDR 25 billion, consisting of several sublimit with Trust Receipt (TR) of IDR 25 billion, Clean Trust Receipt (CTR) of IDR 25 billion, Invoice Financing of IDR 25 billion, and Bank Guarantee (BG) of IDR 25 billion.

The Omnibus LC/SKBDN facility is given in Rupiah, Yuan, and US Dollar. These facilities may be used by SUNI as well as RTM.

In addition, RTM is granted construction investment credit facility worth IDR 100 billion, a supplement to its commercial property loan (CPL) worth IDR 48.5 billion received back in April 2023.

Willy Johan Chandra, President Director of SUNI, claimed that said credit facility will boost financial flexibility of the company, as well as helping RTM in the completion of factory construction according to the set deadline.

“Aside from this, this extra working capital financing facility will allow the company to enhance its business activities,” said Chandra.

According to IDNFinancials data, RTM is currently completing the construction of its second factory, set to produce seamless pipe or Oil Country Tobular Goods (OTCG) in Batam. This production facility is expected to boost OCTG production capacity to 70 thousand tons per year.

RTM is preparing said factory to begin operation in Q3 2025. (KR/ZH)