Beximco completes two projects financed by Sukuk fund

Bangladesh Export Import Company Limited (Beximco), the originator of Beximco Green-Sukuk Al Istisna, announced that it has completed the two projects which were financed by the Sukuk fund.

The projects have started to generate revenue, said the company in a stock exchange filing.

Beximco said Teesta Solar Limited's power plant with a capacity of 200 MW is located at Sundarganj, Gaibandha. The project utilized the full Tk1,881.80 crore allocated from the Sukuk Fund and successfully started commercial operations on January 8, 2023.

The textile division expansion project utilized the full Tk805.90 crore allocated from the fund and has successfully commissioned the textile machinery arranged through financing and refinancing. 

It has enhanced Textile Division's capacity in spinning, denim, yarn dyeing, knitting, printing and washing units.

But the third project Korotoa Solar Limited with a capacity of 30 MW located at Tetulia, Panchagarh is currently under construction and will be fully operational by June 2024.

As the country's first private sector company, Beximco floated a Tk3,000 crore Sukuk in 2021 to finance its two solar power plants and its textile division's green expansion.

As the country's first private sector company, Beximco floated a Tk3,000 crore Sukuk in 2021 to finance its two solar power plants and its textile division's green expansion.

Meanwhile, the trustee of the Beximco Green Sukuk Al Istisna'a has approved the payment of 5.55% on the Sukuk's face value for the first half of its second year.

The Investment Corporation of Bangladesh (ICB) is the trustee of the Sukuk.

It was paid a 5.80% profit against the face value of Tk100 each in the second half of July–December 2022. In the first half of 2022, it paid the same profit to the unit holders. As a result, the Sukuk unitholders received a profit of 11.6% last year.

Sukuk's trading debut on the stock exchanges was on 13 January 2022.