BEXIMCO Signs Deal on Issuance of Tk 3,000cr Sukuk for Construction of Solar Projects
Bangladesh Export Import Company Limited and City Bank Capital Resources Limited have signed a deal to issue Islamic Shariah compliant Sukuk Al Istisna bonds worth Tk 3,000 core on Sunday, said a press release.
BEXIMCO is the originator of the issue and City Bank Capital Resources is the arranger, adviser and issue manager of the issue.
This secured convertible asset-backed Sukuk will be issued, subject to the Bangladesh Securities and Exchange Commission approval, for construction of solar projects of Teesta Solar Ltd and Korotoa Solar Ltd, two subsidiaries of Beximco Power Company Ltd, and for financing and refinancing of machinery and equipment required for expansion of Beximco Ltd’s textile division.
The face value of the Sukuk has been set at Tk 100 and the minimum subscription size is Tk 5,000 with a five-year tenure. The profit rate is 9 per cent per annum or above.
Beximco Group group director and CEO (power and engineering) Osman Kaiser Chowdhury and City Bank Capital Resources managing director and CEO Ershad Hossain signed the agreement on behalf of their respective parties.
Other senior officials of Beximco Group and its subsidiary companies and City Bank Capital were present at the signing.