Nina ventures into Tk 150cr project
Nina Holdings Ltd, a sister concern of export-oriented Epyllion Group that has been engaged in manufacturing and exporting of knit fabrics and apparels since 1994, is set to go for a new venture eyeing a diversification of its business, according to the company officials.
With its planned construction of the 14-storey commercial building in Tejgaon Industrial Area in Dhaka at an estimated cost of around Tk 150 crore, Nina enters the commercial building sector.
Of the total cost, Tk 47.2 crore will be financing by five local banks.
To this end, the real estate company sealed a syndicated term loan agreement on January 4 with Bank Asia, the lead arranger, and four other banks.
These banks are AB Bank, IFIC Bank, Premier Bank and United Commercial Bank.
Around 25-30 percent space of the commercial building will be dedicated for Epyllion and its subsidiary companies, while the rest space will be rented to other corporate or business houses.
“Before the new project, Nina Holdings was constructing factories and office buildings only for Epyllion Group and its subsidiaries,” said M Aminul Islam, the group's general manager (human resource, administration and compliance).
Islam said the ground floor of the building will be rented to a commercial bank, as the space is dedicated for the banking sector.
He said the new commercial building would have some modern features such as state-of-the-art security system, energy efficient, attractive architectural view and a fit shape for facilitating maximum natural lights.
“There will be three basements for car parking where at least 200 cars can be accommodated at a time,” he said.
Islam also said the building is being constructed on an area of 21,000 square foot land, while each floor will have 14,000 square foot space
Epyllion has 10 subsidiaries comprising six garment units, two textile units and two garment accessory units.
The group, which exported goods worth US$ 7 crore in 2007-08 fiscal mainly to the European and US markets, targets $ 11 crore exports this fiscal.
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