Meghna Bank hosts Investors' meet for Star Ceramics

FE Team | Published: January 11, 2024 00:35:47

Meghna Bank PLC held an Investors' Meet and Information Memorandum (IM) Launching event for Star Ceramics Ltd., a leading tiles and sanitary ware manufacturer, on Tuesday, says a statement.
The bank will act as the lead arranger, facility agent and transaction advisor for Star Ceramics. Under an arrangement, Structured Finance Unit of the bank's Corporate Banking Division will raise an aggregate facility of Tk 1.75 billion from different banks and financial institutions. The facility will contain both debt and quasi-equity products like preferential share.
Sohail RK Hussain, Managing Director & CEO, Meghna Bank, inaugurated the event attended by representatives from different banks and financial institutions.
Kimiwa Saddat, Deputy Managing Director, Meghna Bank, gave a presentation of various aspects relating to the deal.
Incorporated in 2010, Star Ceramics Ltd is located in Habiganj, Sylhet. It has one of the largest production facilities in country.
At present, the company produces 85 million square feet tiles and over 450,000 pieces of sanitary items a year.
Star Ceramics is one of the few manufacturing plants that use SACMI machinery throughout the production process to ensure best quality and durability of the products. The company is a sister concern of RAK Ceramics Bangladesh.
"The amount will be utilised for installing a new polishing line and heat cogeneration system that will enhance revenue and reduce utility costs," said Qamar- Uz-Zaman, Managing Director, Star Ceramics Ltd.