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Prime Bank subscribes Tk 2bn in preference shares of UMPL

  • Staff Correspondent
  • 21 November, 2021 12:00 AM
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Prime Bank subscribes Tk 2bn in preference shares of UMPL
United Mymensingh Power Managing Director Moinuddin Hasan Rashid and Prime Bank Managing Director and CEO Hassan O Rashid exchange documents after signing an agreement in the capital recently.

Prime Bank has subscribed Tk 2 billion in the preference shares issued by United Mymensingh Power Limited (UMPL), one of the concerns of United Group.

As part of the group’s initiative to explore alternative instruments to support its financing requirement, Prime Bank arranged and subscribed the preference shares, said a press release.

Moinuddin Hasan Rashid, Managing Director and Hasan Mahmood Raja, Chief Advisor of UMPL along with Hassan O. Rashid, Managing Director and CEO and Shams A Muhaimin, Deputy Managing Director of Prime Bank were present with other senior officials from both the organisations.

Commenting on the subscription, Managing Director and CEO of Prime Bank Hassan O. Rashid said, “Prime Bank has long been supporting the capacity building of power sector in Bangladesh through both long-term and short term financing. I believe our continuous investment in power sector will fuel economic growth”.