EBL, 7 other instts provide Tk 3.52b loan

FE ReportbrEastern Bank Ltd (EBL), along with seven other leading financial institutions of the country, has signed a Paripassu Security Sharing Agreement with Malek Spinning Mills Ltd for an amount of Tk 3.52 billion (Tk 352.00 crore). brOf the total amount, Tk 630 million has been given as term loan, Tk 230 million as funded working capital and Tk 2.66 billion as non-funded working capital respectively. brThe other financial institutions are Dhaka Bank Ltd, HSBC, One Bank Ltd, Trust Bank Ltd, Shahjalal Islami Bank Ltd, IPDC Ltd and CitiBank NA.brThe signing ceremony was attended, among others, by A Matin Chowdhury, managing director (MD) of Malek Spinning Mills Ltd, Ali Reza Iftekhar, MD and CEO of Eastern Bank Ltd, Shahed Noman, MD of Dhaka Bank Ltd, Farman R Chowdhury, MD of One Bank Ltd; Muhmmad Ali, MD of Shajalal Islami Bank Ltd; Masih-UlHuq Chowdhury, MD of IPDC Ltd, Ishtiaque Ahmed Chowdhury, deputy managing director of Trust Bank Ltd, Syed Rafiqul Haque, executive vice president and area head, Corporate Banking of EBL, Abrar A Anwar, Director and head of corporate banking, CITI Bank NA, and Mahbub-Ur-Rahman, head of corporate banking, HSBC.brSpeaking on the occasion Managing Director of Malek Spinning Mills Ltd A Matin Chowdhury thanked the banks for their continued support.brHe said to take the advantage of the expanding demand for their quality product they are going for further expansion for which the textile company will float IPO within this year.brCotton USA Licensee Malek Spinning Mills Ltd started operation in 1990 with 6,000 spindles, currently having 63,000 spindles. brLast year the mill achieved a total production of 12.58 million kg of yarn and a turnover of Tk 2.40 billion. Recently they have established another mill, namely Salek Textile Ltd which will produce 42 tonnes of open-end yarn every day, according to a press release.