Pran-RFL concern raises Tk 300cr thru sukuk

Banga Building Materials Limited (BBML), a concern of Pran-RFL Group, has raised Tk 300 crore issuing sukuk bonds to repair existing machinery and procure new ones. 

The sukuk was issued to banks of Bangladesh, with City Bank Capital serving as the arranger and issue adviser, according to a press release.

The closing ceremony for the sukuk took place at Radisson Blu Dhaka Water Garden yesterday.

Addressing the event, Prof Shibli Rubayat Ul Islam, chairman of the Bangladesh Securities and Exchange Commission, laid emphasis on fixed income securities and Islamic instruments in supporting the country's infrastructure development.

"This is a testament to the strong demand for our products and services and the confidence that investors have in our business model," said Ahsan Khan Chowdhury, chairman of Pran-RFL Group.

"We believe that sukuk has great potential in Bangladesh, and we look forward to working with more companies in the future," said Ershad Hossain, chief executive officer of City Bank Capital.