Agreement Signing of BICL

The chairman of the Bashundhara Group Ahmed Akber Sobhan is receiving a crest from the Managing Director of The Bank Asia Irfanuddin Ahmed after signing an accord of Taka 1200million at a ceremony at The Westin Dhaka. Dhaka, April 12, 2010: The Bashundhara Industrial Complex Limited (BICL), youngest enterprise of the leading business and industrial conglomerate in the country - the Bashundhara Group (BG), has entered an agreement with the Bank Asia as the lead arranger and six of its consortium member banks for funding and enterprise development. A giant cement mill with installed capacity of producing approximately a million metric tons of best quality cement a year is being set up at Madanganj on the bank of the river Shitalakha in Narayanganj under the latest enterprise development scheme. The complex is being set up on an area of 12.5 acres of land. Chairman of the Bashundhara Group Mr. Ahmed Akbar Sobhan and Managing Director of the Bank Asia Mr. Erfanuddin Ahmed signed the agreement in favor of their respective entities at a function that took place at the Westin Dhaka today. Additional Managing Director of the Bashundhara Group Mr. Safwan Sobhan, Senior Deputy Managing Director of the BG Mr. Belayet Hossain, Advisor (Press & Media) Mr. Mohammad Abu Tayeb, Executive Director Mr. M Fakhruddin and Senior General Manager (Commercial) Mr. Shawkat Akbar and representatives from the consortium member banks, senior bankers among others joined the agreement signing ceremony. The Madanganj project has been planned and subsequently taken up for quick implementation at the back of ever increasing demands of quality cement in the middle and southeastern region of the country. The “King Brand Cement” of the Meghna Cement Mills Limited, an enterprise of the Bashundhara Group, is long been the most consumer chosen brand in the northern region of the country. The enterprise is often facing hurdle to address the fast growing demands of cement alone in the southwestern region of the country. The project is being implemented at an estimated cost of Taka 1200 million. More investment in the project is likely in the expansion and modernization phases to be taken up later on. Addressing the gathering Chairman of the Bashundhara Group Mr. Ahmed Akbar Sobhan lauded the investment friendly environment in the country. He welcomed both the honorable Prime Minister and the honorable leader of the opposition in parliament to be rational in their political approaches and become the promoters of the congenial atmosphere in the country in the years to come. “I understand, economic emancipation and ultimate devolvement are barely impossible without political stability and good governance”. The Bank Asia, lead arranger to the mega project, is to lend Taka 200 million while its consortium members to provide the rest of the funds under soft terms and conditions. The Jamuna Bank Limited to lend Taka 200 million, the Standard Bank Limited Taka 100 million, the International Finance and Investment Company Limited (IFIC) Taka 200 million, the Social Islamic Bank Limited (SIBL) Taka 250 million, the Dutch Bangla Bank Limited (DBBL) Taka 100 million, Bangladesh Commerce Bank Limited (BCBL) Taka 80 million and the Saudi- Bangladesh Industrial and Agricultural Investment Company Limited (SABINCO) Taka 70 million as the consortium members. The BICL is likely to generate 12000 direct and indirect employments and help save smart amount of foreign exchange by cutting cement import to a large extent. The project is to play a significant role in the overall improvement of infrastructure.