Market Digest

Beximco to issue Tk 30b Sukuk

It inks deal with City Bank Capital Resources

Staff Correspondent

8 March, 2021 12:00 AM printer

A signing ceremony of Islamic Shariah compliant Sukuk Al Istisna for Tk 30 billion took place between Bangladesh Export Import Company Limited (BEXIMCO) and City Bank Capital Resources on Sunday.

Osman Kaiser Chowdhury, Group Director and Chief Executive Officer, Power & Engineering, Beximco Group and Ershad Hossain, Managing Director and CEO, City Bank Capital, have signed the agreement on behalf of the respective parties.

Beximco Ltd is the Originator of the issue and City Bank Capital is the Arranger, Adviser and Issue Manager of this issue, said a press release.

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.