The New Nation - Internet Edition

BUSINESS REPORT

Eastern Bank Limited along with seven other leading financial institutions of the country have signed a Paripassu Security Sharing Agreement with Malek Spinning Mills Limited in Dhaka recently for an amount of Taka 352 crore. Of the total amount of Taka 63 crore is term loan, Taka 23 crore is funded working capital and Taka 266 crore is non-funded working capital. The other financial institutions are Dhaka Bank Limited, HSBC, One Bank Limited, Trust Bank Limited, Shahjalal Islami Bank Limited, IPDC Limited and CitiBank N.A.

The signing ceremony was attended among others by A Matin Chowdhury, Managing Director of Malek Spinning Mills Ltd, Ali Reza Iftekhar, Managing Director and CEO of Eastern Bank Limited, Shahed Noman, Managing Director of Dhaka Bank Ltd, Farman R Chowdhury, Managing Director of One Bank Ltd, Muhammad Ali, Managing Director of Shahjalal Islami Bank Ltd, Masih-Ul Huq Chowdhury, Managing Director of IPDC Ltd, Ishtiaque Ahmed Chowdhury, Deputy Managing Director of Trust Bank Ltd, Syed Rafiqul Haque, Executive Vice President and Area Head, Corporate Banking of EBL, Abrar A Anwar, Director and Head of Corporate Banking, CITI Bank NA, and Mahbub-Ur-Rahman, Head of Corporate Banking, HSBC.

Speaking on the occasion, Managing Director of Malek Spinning Mills Ltd A Matin Chowdhury thanked the banks for their continued support and also announced that to take advantage of the expanding demand for their quality product they are going for further expansion for which they will go to the capital market within this year.

Cotton USA Licensee Malek Spinning Mills Ltd started operation in 1990 with 6,000 spindles currently having 63,000 spindles. Last year the mill achieved a total production of 12.58 million kgs of yarn and a turnover of Tk 240 crore.

Recently they have promoted another mill called Salek Textile Limited which will produce 42 tonnes of open end yarn per day.