Skip to main content

Beximco Group brings Islamic Shahriah compliant Sukuk to the country

By The Economist

Beximco Group is going to initiate the issuance of Islamic Shahriah compliant Sukuk Al Istisna for Tk 30 billion.

The decision came from the extra-ordinary general meeting of the company held virtually.This initiative is 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 financing— and refinancing the machinery and equipment required for expansion of Beximco Ltd’s textile division on the following terms and conditions, subject to the approval of the Bangladesh Securities and Exchange Commission.

The meeting was presided over by Salman F Rahman, vice-chairman of the company, where, among others, Iqbal Ahmed, AB Siddiqur Rahman, Reem Shamsuddoha, Masud Ekramullah Khan, Shah Monjurul Hoque, directors, and Mohammad Asad Ullah, executive director and company secretary, were present. Shareholders unanimously approved the initiation at the meeting.

The record date to determine Sukuk holders’ eligibility to receive half yearly periodic distribution amount shall be six months after the issuance of Sukuk and thereafter, every six months till maturity. If any record date falls on a holiday, then the subsequent trading day shall be the record date.

If any Sukuk holder does not exercise the conversion option in full or in part during the tenure of the Sukuk, the remaining amount of the Sukuk holder will be redeemable at maturity in one bullet payment.

Beximco Ltd is the originator of the issue and City Bank Capital is the arranger, adviser and issue manager of this issue.


Comments

  1. Belinha RuizJune 3, 2021 at 7:29 PM

    I want to share with you all on how I got my loan from a very good and honest loan company registered in the USA, as I was applying as a start-up loan it took me several documents to meet up with their conditions but God Willing I got through and it was smooth to work with as an entrepreneur.Contact   pedroloanss@gmail.com for all kinds of financial assistance such as loans and investment facilities.

    ReplyDelete

Post a Comment

Popular posts from this blog

About Nasir Group

By The Economist
Nasir Group is one of the largest industrial conglomerates in Bangladesh. The industries include industrial glass, tobacco, printing and packages, light engineering, melamine. It is one of the leading industries in glass manufacturing sector of the country. The company started its journey in 1977. Now this group expands in every industrial sectors of Bangladesh like tobacco, melamine, printing and packaging and footwear. Recently it started producing energy saving light bulbs. Nasir group has a great role in socio-economic development of the country. Dominance in Glass Sector Glass is one of the products of Nasir Group of Industry. Nasir group has a vital role to make Bangladesh self-sufficient in glass sector. This company provides a large portion of glasses to meet country’s demand. Nasir group started float glass production in 2005. The company built its glass manufacturing factory in Gazipur at a cost of Tk.300 crore. Nasir Glass now holds more than 40 percent of the total mark...
Post a Comment
Read more

After Beximco Group, Square Group and Pran Group, PHP Family is coming up

By The Economist
Along with Beximco Group, Square Group, Pran Group, PHP Family is contributing immensely to the economic progress of Bangladesh. Beximco Group and Square Group are the top private sector players but companies like PHP Family are coming up. Sufi Mohammed Mizanur Rahman, an ex banker, established PHP Group which was later re-named as PHS Family. PHP Float Glass is a concern of PHP group and is the pioneer of glass industries in the country. Now PHP float glass industry is the largest glass producer. Ample success in Glass sector along with other indusial sector, PHP group is contributing much to the development of the country. PHP float glass industry limited is Chittagong based sister concern of PHP group. Built on 30-acres of land, with a total investment of Tk 300 crore, the PHP Float Glass Industry at Barabkunda of Sitakunda in Chittagong launched its commercial production in 2005.It produces various types of glass according to local demands. It produces clear-glass sheet of 2MM...
1 comment
Read more

IFIC Islamic

By The Economist
IFIC Bank recently unveiled 'IFIC Islamic,' an extensive suite of shariah-compliant banking services. It is designed to provide a holistic array of Islamic financial solutions alongside its regular offerings. The ceremonial launch of 'IFIC Islamic' transpired within the versatile hall of IFIC Tower located at 61, Purana Paltan, Dhaka. Salman F Rahman, MP, an adviser to the Prime Minister on private industry and investment, and the chairman of IFIC Bank, officiated the inauguration as the principal guest. Md Khurshid Alam, the deputy governor of Bangladesh Bank, honored the occasion as the distinguished guest.   IFIC Bank, a leading name in the banking sector, stands as a beacon of trust and reliability. Established to cater to diverse financial needs, IFIC Bank has grown remarkably, offering a wide array of services. Its commitment to innovation and customer satisfaction sets it apart in the competitive financial landscape. Syed Mansur Mustafa, the managing dire...
Post a Comment
Read more