Eight leading financial institutions of the country have signed a Paripassu Security Agreement with Malek Spinning Mills Ltd for an amount of Tk 352 crore loan recently for business expansion, says a press release.
Of the total amount, Tk 63 crore as term loan, Tk 23 crore as funded woking capital and Tk 266 crore as non-funded working capital, have been allocated.
The financial institutions involved are Eastern Bank Ltd, Dhaka Bank Ltd, HSBC, One Bank Ltd, Trust Bank Ltd, Shahjalal Islami Bank Ltd, IPDC Ltd and CitiBank NA.
Malek Spinning Mills Managing Director A Matin Chowdhury said the company is going to list on bourses within this year.
Cotton USA Licensee Malek Spinning Mills started operations in 1990.