Prime Bank arranges syndicated loan of Tk 1.44b for rice mill

April 08, 2018 00:00:00

Managing Directors and CEOs of Prime Bank, Bank Asia, BASIC Bank, Pubali Bank, Trust Bank and SABINCO, sponsors of Hashem Rice Mills Limited and other senior executives of the organisations seen on the dais at a signing ceremony of a syndicated loan of Tk 1.44 billion in the city recently

Prime Bank has arranged its 30th syndication deal as a lead arranger through raising Tk 1.44 billion to finance an auto rice mill project of Hashem Rice Mills Limited, one of the concerns of Sajeeb Group.

The bank along with five other banks and financial institutions -- Bank Asia Limited, BASIC Bank Limited, Pubali Bank Limited, Trust Bank Limited and SABINCO -- participated in the syndication.

Rahel Ahmed, Managing Director & CEO of Prime Bank, M. A. Halim Chowdhury, Managing Director & CEO of Pubali Bank, Faruq Mainuddin Ahmed, Managing Director & CEO of Trust Bank, Muhammad Awal Khan, Managing Director of BASIC Bank, Shafiuzzaman, Senior Executive Vice President of Bank Asia, Ahmed Ehsanul Karim, Deputy Managing Director of SABINCO, and Md. Abul Hashem, Chairman of Hashem Rice Mills Ltd signed the agreement on behalf of their respective organizations at a city hotel recently, according to a statement.

Among others, company sponsors Hasib Bin Hashem, Tareq Ibrahim and Faiza Ibrahim, CFO of Sajeeb Group Rezaul Karim and senior executives of respective organisations were also present on the occasion.

The project will be established at Godagari in Rajshahi at an estimated cost of Tk 2.06 billion being financed at a debt-equity ratio of 70:30.

The production capacity of the project will be 40 tonnes per hour (192,000 tonnes per annum). Most of the machinery and equipment of the project will be of European brand and the project is expected to create employment opportunities for more than 200 people of various categories.

Shams A. Muhaimin, EVP & Head of Structured Finance & Transaction Banking Division of Prime Bank Limited, delivered welcome address and Mohammad Khurshid Alam, VP of Structured Finance Department, offered vote of thanks in the ceremony.