Beximco Pharma, a
leading drug maker in Bangladesh and a unit of business conglomerate Beximco
Group, secured a $51.6 billion loan from Germany-based BHF-Bangk
Aktiengesellshaft. A German export credit agency Euler Hermes will be the guarantor
of the loan.
Earlier, Bangladesh
Investment Board approved Beximco Pharma’s proposal to raise funds to utilize
in new plant as well as machinery purchasing. The interest rate of that loan will
be lower than that of local rate. It is only 2.25 percent. According to Beximco
Pharma, the loan will be drawn down in four tranches and repayment will be made
over five years in 10 semi-annual installments.
The total interest
bearing debt of the company was Tk.480 crore and debt-to equity ratio was 23.5
percent as of September 30th in 2014. The cost of debt was 16.1
percent on average while debt-to-equity averaged 22.7 percent in the previous
four years. That is why analysts think that this loan at a single digit rate
will have immense impact on the company and also reduce the financing and debt
cost significantly.
Beximco Pharma is a concern of Beximco Group. In the past three
years, Beximco Pharma’s return on invested capital was only 7.5 percent on
average. In the nine months through September 2014, its net profit rose to TK.
115 crore from Tk.108 crore in the same period of 2013.
Beximco Group is one of the leading companies of the country. Here is the list of top companies of Bangladesh:
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