Pran Agro, Runner Automobiles allowed to issue bonds worth Tk530cr

The securities regulator, on Monday, has allowed Pran Agro Limited and Runner Automobiles PLC to issue bonds worth a total Tk530 crore through private placements.

The bonds’ issuance approval came in a commission meeting chaired by the Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat-ul-Islam.

In the meeting, the BSEC also approved a draft prospectus of open-end mutual funds of CWT-Community Bank Shariah Fund.

The target of the fund is Tk25 crore, while the sponsor will provide Tk2.5 crore, and the rest is open for general investors. The face value of the fund is Tk10 each.

Pran Agro’s bond

Pran Agro will issue a guaranteed, unsecured, transferable, redeemable and non-convertible bond worth Tk262.5 crore with a face value of Tk10 lakh per unit.

According to the BSEC press release, Pran Agro will issue the bond to institutional investors and high-net worth individuals for building office and factory, acquiring machinery, and repaying loans.

The coupon rate has been fixed 8.88% and the bond will enlist with the Alternative Trading Board (ATB) of the stock exchanges.

The bond’s trustee is Green Delta Capital and arranger Riverstone Capital.

Runner Automobiles’ bond 

Runner Automobiles will issue an unsecured, redeemable, non-convertible, guaranteed sustainability bond worth Tk267.5 crore with a tenure of seven years.

The bond will be issued to multinational and local insurance companies, banks, non-bank financial institutions, corporates and high-net worth individuals, according to the press release.

Issuing the bond, the Runner Automobiles will use the fund for credit sales, constructing solar plants, and bond related costs.

The face value per unit is Tk10 lakh, and the coupon rate 8.5-9%.

The bond’s trustee is DBH Finance PLC, and arranger Green Delta Capital.

Source: The Business Standard

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Iram Hoque

Mohd. Iramul Hoque (Iram) completed his bachelor’s degree in Industrial Engineering in 2018 from Purdue University.

He joined Deloitte Consulting LLP as a Consulting Analyst based out of New York City having previously worked in similar roles at PricewaterhouseCoopers LLP & Landis+Gyr.

Iram left consulting and returned to Bangladesh to take up the family business. Realizing the opportunity in the capital market in Bangladesh, Iram worked relentlessly to found Columbia Shares & Securities Ltd in 2021.

Md Saiful Hoque

Md. Saiful Hoque received his bachelor’s degree in Civil Engineering from Columbia University in 1986 followed by a master’s degree from Texas A&M University in 1988. Upon completion of his Graduate Degree, he joined Gulf Interstate Engineering Company in Houston, USA serving as a Project Engineer.

He returned to Bangladesh in 1992 to join Columbia Enterprise Ltd., the family business of Shipping and Freight Forwarding services. In addition, he has built flourishing businesses manufacturing Garment’s Accessories and Fast-Moving Consumer Goods.