EBL arranges TK 570m syndicated loan for Giant Textile
Sunday, 23 May 2010
Eastern Bank Ltd (EBL) has arranged a Syndicated Term Loan facility of Tk 570 million for Giant Textiles Ltd to finance its capital expenditure for setting up a knit composite factory at Gazipur, says a press release.
The participating banks are: Bank Asia Ltd, The City Bank Limited, IFIC Bank Limited, United Commercial Bank Ltd, Trust Bank Limited, AB Bank Limited and Eastern Bank Limited, as the lead banks.
A signing ceremony was held between the Giant Textile and the participant banks in this regard in the city recently. Senior officials form the concerned organisations attended the ceremony.
Managing Director and CEO of EBL Ali Reza Iftekhar expressed his appreciation to all the partners for their wholehearted support towards achieving the financial close of this transaction.
He also acknowledged the contribution of the Giant Textiles Limited. Iftekhar also thanked the participating banks for showing their confidence in EBL and assured that EBL would continue its efforts to bring quality transactions in the market.
After set up of Giant Textiles Ltd., Giant Group's total yarn requirement would be 16.35 tonne per day, whereas, their own knitting and dyeing capacity would be 12.35 tonne per day and 18.00 tonne per day respectively. Almost 100 per cent of knitting and dyeing capacity shall be used for group's own consumptions.
The Giant Group is a renowned business conglomerate of the country with a total of 13 companies, including 8 knit and woven garment establishments and their annual turnover is more than US$ 20 million.
The factory of Giant Textiles will be located Baniar Chala, 3 No. Mahona, Bhabanipur,
The participating banks are: Bank Asia Ltd, The City Bank Limited, IFIC Bank Limited, United Commercial Bank Ltd, Trust Bank Limited, AB Bank Limited and Eastern Bank Limited, as the lead banks.
A signing ceremony was held between the Giant Textile and the participant banks in this regard in the city recently. Senior officials form the concerned organisations attended the ceremony.
Managing Director and CEO of EBL Ali Reza Iftekhar expressed his appreciation to all the partners for their wholehearted support towards achieving the financial close of this transaction.
He also acknowledged the contribution of the Giant Textiles Limited. Iftekhar also thanked the participating banks for showing their confidence in EBL and assured that EBL would continue its efforts to bring quality transactions in the market.
After set up of Giant Textiles Ltd., Giant Group's total yarn requirement would be 16.35 tonne per day, whereas, their own knitting and dyeing capacity would be 12.35 tonne per day and 18.00 tonne per day respectively. Almost 100 per cent of knitting and dyeing capacity shall be used for group's own consumptions.
The Giant Group is a renowned business conglomerate of the country with a total of 13 companies, including 8 knit and woven garment establishments and their annual turnover is more than US$ 20 million.
The factory of Giant Textiles will be located Baniar Chala, 3 No. Mahona, Bhabanipur,