DHAKA, Sept 5, 2023 (BSS) - Banga Building Materials Limited (BBML), a sister concern of country's leading business conglomerate PRAN-RFL, has successfully raised Taka 300 crore through the issuance of the second corporate Sukuk of the country.

The Sukuk was issued to reputed banks of Bangladesh, with City Bank Capital serving as the arranger and issue advisor.

The Sukuk Bond received an overwhelming response from reputed banks and investors in Bangladesh.

The proceeds from the Sukuk will be used by BBML to refinance their existing machineries and to procure new machineries, said a press release today.

The closing ceremony for the Sukuk took place on Thursday at a hotel in the city where Prof. Shibli Rubayat-Ul-Islam, Chairman of Bangladesh Securities and Exchange Commission (BSEC), was present as chief guest.

The BSEC chairman congratulated BBML on its successful fundraising and emphasized the importance of fixed income securities and also Islamic instruments in supporting the development of the country's infrastructure.

Addressing the occasion, Ahsan Khan Chowdhury, Chairman of PRAN-RFL Group, said, "We are delighted to have successfully raised Taka 300 crore through the issuance of Sukuk bond. This is a testament to the strong demand for our products and services and the confidence that investors have in our business model."

"We would like to thank our investors, City Bank Capital and all the other stakeholders involved in this project for their support and guidance throughout the process," he added.

Ershad Hossain, CEO and MD of City Bank Capital, said "We are proud to have served as the arranger and issue advisor for the second corporate Sukuk. This is an important milestone for the company, and we are pleased to have played a role in its success. We believe that Sukuk has great potential in Bangladesh, and we look forward to working with more companies in the future."

Farid Uddin Ahmed, Chairman of Shariah Board of BBML Sukuk Al-Ijarah, R N Paul, Managing Director of RFL Group, Uzma Chowdhury, Director (Corporate Finance) of PRAN-RFL group, investors, representatives from BSEC, BBML and City Bank Capital, senior officials from various banks and financial institutions, and other stakeholders were present at the event.