Beximco will issue Sukuk bonds worth Tk 3,000 crore

Bangladesh Export Import Company (Beximco) has decided to issue Sukuk bonds in various sectors listed in the capital market. Through this, the company will collect Tk 3 thousand crore.

This information has been known from DSE sources.

It is learned that the money collected through Sukuk will be invested in Beximco’s two affiliates Teesta Solar Limited and Karatoya Solar Limited. These two companies will produce solar power. The bonds will also be used to procure machinery and equipment to expand Beximco’s textile business.

The face value of Sukuk will be Tk 100, an investor will have to buy at least 50 Sukuk. The term of this sukuk will be 5 years. At least 9 percent profit will be obtained from Sukuk. If the dividend of Beximco Limited is more than 9 percent, 10 percent of it will be added to the profit of Sukuk.

Suku will have the opportunity to convert 100% of its investments into shares of Beximco Limited. In this case, Sukuk shares can be converted at the rate of 20 percent per year. There is an opportunity to convert at multiples of 5, 10, 15 and 20 percent.If one year does not take the opportunity to convert to shares, it can be done next year. The conversion will be priced at 75% of the average value of Beximco’s shares on the Dhaka Stock Exchange (DSE) in the 20 working days prior to the record date. If an investor does not want to convert Sukuk into shares, the Sukuk will expire in five years.

Sunbd/NJ