Tk125cr syndicated loans arranged for spinning, composite textile mills

Officials sign deals on syndicated loans for Outpace Spinning Mills (L) and Graphics Textiles Ltd ( R) in Dhaka recently. PHOTO: EXIM Bank & BRAC Bank

A total of Tk 125 crore syndicated loan has been arranged for setting up a spinning mill and a composite textile mill.
As lead banks, EXIM Bank has arranged Tk 63 crore for Outpace Spinning Mills Ltd, while BRAC Bank has arranged Tk 62 crore for Graphics Textiles Ltd, according to press statements.
Two syndicated loan agreements to this effect were signed recently in Dhaka. For the spinning mill project, the other participating banks were Prime Bank Ltd, Southeast Bank Ltd and Shahjalal Islami Bank, while for the knit composite textile mill project, the other participating banks were AB Bank Ltd, Dhaka Bank Ltd, Pubali Bank and Shahjalal Islami Bank Ltd.
The project of Outpace Spinning Mills is designed for establishing a 30,000-spindle spinning mill at Mawna, Sreepur in Gazipur for manufacturing 100 percent cotton carded and combed yarn of different counts. Initially the project will create direct employment opportunity for around 400 people. Annual expected sale of the project is around Tk 90 crore.
The loan for Graphics Textiles Ltd was arranged to set up a state-of-the-art and vertically integrated knit composite textile unit at Dhamrai in Dhaka. The projected capacity of the factory will be 8.05 tonnes of knit fabric and 7.77 million pieces of knit garment per annum with an annual turnover of US$ 14.2 million. The project will create employment opportunity for 1,744 people at different levels of operations.
Managing Director of EXIM Bank Kazi Masihur Rahman, Managing Director of Prime Bank M Shahjahan Bhuiyan, Managing Director of Southeast Bank Neaz Ahmed, Managing Director (current charge) of Shahjalal Islami Bank Mohammad Ali, Chairman of Outpace Spinning Mills Md Reazzat Ali and Managing Director of the company Razeeb Haider, among others, were present at the signing ceremony for arranging loan for the spinning meal.
Present at the BRAC Bank-led syndicated agreement signing ceremony were Managing Director of BRAC Bank Imran Rahman, Managing Director of AB Bank Kaiser A Chowdhury, Managing Director (current charge) of Shahjalal Islami Bank Mohammad Ali, Managing Director of Pubali Bank Helal Ahmed Chowdhury, Deputy Managing Director of Dhaka Bank Mohammad Abu Musa and Managing Director of Graphics Textiles Najib Malek Chowdhury.