Associated Oxygen to issue Tk 250cr bond to expand

Associated Oxygen Limited has decided to issue a convertible bond worth Tk 250 crore for its business expansion.

The company signed a fund arrangement agreement with Janata Capital and Investment Limited as its fund arranger on November 3, it said in a filing on the Dhaka Stock Exchange today.

A convertible bond is a fixed-income corporate debt security that yields interest payments but can be converted into a predetermined number of common stock or equity shares.

The bond issuance is subject to the approval of the Bangladesh Securities and Exchange Commission and the shareholders of the company in the next annual general meeting.

Associated Oxygen is a producer and supplier of industrial and medical gases, welding products and equipment and ancillary equipment.

It supplies oxygen and nitrogen in liquid and gaseous forms to industries and hospitals.