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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.


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