PRAN achieves financial closing for $25m bond

Staff Correspondent

16 June, 2021 12:00 AM printer

PRAN Agro, a sister concern of PRAN-RFL Group, has successfully achieved financial close of a landmark of Tk 2,100 million ($25 million) non-convertible, redeemable bond.

PRAN disclosed it through a virtual platform in the capital on Monday.

The bond market is a potential sector for collecting long-term finance for entrepreneurs and the alternative source of finance for private sector, they also said.

The bond will be used to develop critical infrastructure in the agricultural supply chain and support PRAN Agro’s expansion plans in the local and export markets. 

Salman F Rahman, Private Industry and Investment Advisor to the Prime Minister said that bond market is a vibrant sector and alternative source for collecting long-term finance for entrepreneurs along with bank.

“If more international guarantors come in the market, it will be strong and others company will willing to come,” he added.   Robert Chatterton Dickson, British High Commissioner to Bangladesh said that UK is the long term development partner for Bangladesh. UK investors will come to invest Bangladesh if the capital markets become grow. 

Md Sirazul Islam, Executive Chairman of Bangladesh Investment Development Authority (BIDA) said that the initiative of PRAN Agro is an inspiration for others company. It will motivate other business for collecting long term finance. BIDA is working to ease the doing business in the country.

Professor Shibli Rubayat-Ul-Islam, Chairman of Bangladesh Securities and Exchange Commission (BSEC) said, “I am happy to give the approval of the bond. I hope, others company will follow PRAN.”