IDLC, City Bank sign syndication deal for Far East Spinning

Far East Spinning Industries Limited (FESIL) has recently mandated IDLC Finance Limited and The City Bank Limited as Joint Lead Arrangers for raising USD 12.69 million for setting up a compact cotton yarn spinning mill of 25,000 spindles with a production capacity of 14 MT per day at Hobiganj, Sylhet. Asif Moyeen, Chairman of Far East Spinning Industries Limited, Selim R. F. Hussain, CEO & Managing Director of IDLC Finance Limited, and Sohail R.K. Hussain, CEO & Managing Director of The City Bank Limited signed the term sheet on behalf of their respective companies. Upon signing the deal, Asif Moyeen explained the need for setting up a spinning yarn which will act as an essential step in strengthening the backward integration of the Group and contribute to reducing the country’s demand-supply gap of yarn. He also shared his plans of building the factory under Green Building concept due to its environmental consciousness, according to a statement.

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