Tk 520m to bankroll Paragon Ceramic

An export-oriented porcelain tableware manufacturing plant, Paragon Ceramic Industries Ltd, will be set up at Gazipur soon with a target to go into commercial operation in the second quarter of 2010.

City Bank has recently arranged a syndicated term loan of Tk520 million and working capital of Tk130 million for the company, according to a press release.

The deal was inked at a city hotel in presence of Bilal Mamoon, chairman of Paragon Ceramic, and K Mahmood Sattar, managing director and chief executive officer of City Bank, and other high officials from participating banks.

Oher participants of the syndication are Eastern Bank, Mercantile Bank, Mutual Trust Bank, Premier Bank, SABINCO, Standard Bank and United Commercial Bank. City Bank is also assuming the role of Facility Agent and Account Bank.

The venture sets out to tap highly potential export market for Bangladesh made ceramic tableware.

It also targets meeting domestic market also.