Signing ceremony of Islamic Shariah compliant Sukuk Al Istisna for BDT 30 billion took place between Bangladesh Export Import Company Limited (BEXIMCO) and City Bank Capital Resources Limited on 7th March 2021.
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 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.
Face value has been set at BDT 100. Minimum Subscription size is BDT 5000 and tenure is 5 years. Profit rate is 9% p.a. or above. Mr. Osman Kaiser Chowdhury, Group Director & Chief Executive Officer, Power & Engineering, Beximco Group and Mr. Ershad Hossain, Managing Director and CEO, City Bank Capital, have signed the agreement on behalf of the respective parties. Other high officials of Beximco Group and subsidiary companies and City Bank Capital were present in the signing ceremony.
