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Beximco Appoints City Bank Capital Resources to Arrange, Advise, and Manage BDT 30 Billion Sukuk

Beximco Appoints City Bank Capital Resources to Arrange, Advise, and Manage BDT 30 Billion Sukuk

March 09, 2021

https://islamicmarkets.com/articles/beximco-appoints-city-bank-capital-resources-to-arrange-advise-and
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By IM Insights

On the 7th of March 2021, Bangladesh Export Import Company (Beximco) signed a deal with City Bank Capital Resources Limited (City Capital) for the issue of Islamic Shariah-compliant Sukuk Al Istisna bonds to the tune of BDT 30 billion. This issuance is subject to approval from the Bangladesh Securities and Exchange Commission. Beximco would be the issuer, while City Capital has been appointed arranger, adviser, and issue manager.

Why it matters?

According to media reports, the purpose of this issuance is for the construction of solar projects for two of Beximco’s subsidiaries, Teesta Solar and Korotoa Solar, and for the refinancing of machineries and equipment that are needed for the expansion of Beximco’s textile division.