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7 March, 2021 07:44:48 PM / LAST MODIFIED: 8 March, 2021 09:17:18 AM
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City Capital becomes Beximco’s Tk 30b Sukuk Arranger, Issue Manager

STAFF REPORTER, Dhaka
City Capital becomes Beximco’s Tk 30b Sukuk Arranger, Issue Manager
Officials seen at the Sukuk signing ceremony in Dhaka on Sunday. Photo: Courtesy

Local business giant Beximco has appointed City Capital as the Arranger, Adviser and Issue Manager for its Sukuk Al Istisna worth Taka 30 billion.

A press release issued on Sunday said a signing ceremony of Islamic Shariah compliant Sukuk Al Istisna for Bangladeshi taka 30 billion took place on the day in Dhaka between the Bangladesh Export Import Company Limited (BEXIMCO) and the City Bank Capital Resources Limited.

Beximco Ltd is the Originator of the issue and City Bank Capital is the Arranger, Adviser and Issue Manager of this issue. This Secured Convertible Asset Backed Sukuk will be issued (subject to the BSEC approval) for the purpose of construction of the solar projects of Teesta Solar Ltd. and Korotoa Solar Ltd., the two subsidiaries of Beximco Power Company Ltd., and for financing and refinancing of the machineries and equipment required for the expansion of Beximco Ltd.'s textile division, according to the release.

Face value has been set at Tk 100. Minimum Subscription size is Tk 5,000 and tenure is 5 years. Profit rate is 9% p.a. or above. Mr. Osman KaiserChowdhury, Group Director & Chief Executive Officer, Power & Engineering, Beximco Group, and Mr. Ershad Hossain, Managing Director and CEO, City Bank Capital, signed the agreement on behalf of the respective parties.

Other high officials of Beximco Group and subsidiary companies and City Bank Capital were also present in the signing ceremony, the press release added.

BK

 

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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