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Beximco Completes Sukuk Projects

Industry: Healthcare & Pharma, Pharma
Company: Bangladesh Export Import Company Ltd. (BEXIMCO)
Company Intelligence Tag: Business Insights

Bangladesh Export Import Company Limited (Beximco) has successfully completed two projects funded by its Tk3,000 crore Sukuk issued in 2021. The projects, a 200 MW solar power plant by Teesta Solar Limited and a textile division expansion, have commenced revenue generation. Teesta Solar Limited’s power plant, located in Sundarganj, Gaibandha, began commercial operations on January 8, 2023, utilizing the full Tk1,881.80 crore allocated from the Sukuk Fund.

The textile division expansion project, supported by Tk805.90 crore from the fund, has bolstered the Textile Division’s capabilities across various units. However, the 30 MW Korotoa Solar Limited project in Tetulia, Panchagarh, is still under construction and is expected to be operational by June 2024. The trustee of the Beximco Green Sukuk Al Istisna’a has approved a 5.55% payment on the Sukuk’s face value for the first half of its second year. In the preceding year, unit holders received a total profit of 11.6% due to payouts in both halves of 2022. The Sukuk debuted on stock exchanges on January 13, 2022.

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