Meghna Bank to arrange Tk 175cr for Star Ceramics

Meghna Bank will arrange Tk 175 crore from different banks and financial institutions for tiles and sanitaryware manufacturer Star Ceramics, a sister concern of RAK Ceramics Bangladesh.

The funds will be comprised of debt and quasi equity products like preferential shares. The bank will act as a lead arranger, facility agent and transaction adviser for this deal, the bank said in a press release.

The lender arranged an investors' meet and information memorandum launching event, inaugurated by Sohail RK Hussain, managing director and CEO of the bank.

"The amount will be utilised for adding a new polishing line and heat cogeneration system that will enhance both revenue and reduce utility costs," said Qamar-Uz-Zaman, managing director of the tiles company.

Kimiwa Saddat, deputy managing director, showcased various aspects of the deal.

The production facility of Star Ceramics in Habiganj has been running since 2021.

Currently, the company produces 85 million square feet of tiles and over 450,000 pieces of sanitary items a year.