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News Details
04-May-2019
PRIME BANK TO ARRANGE SYNDICATED FACILITY FOR TWO POWER PROJECTS OF X INDEX COMPANIES
X Index Companies mandated Prime Bank Limited to act as Lead Arranger to raise syndicated facility for development of its two power projects recently. In presence of Md. Mazherul Quader, Chairman, Mahin Bin Mazher, MD of X Index Companies and Md. Touhidul Alam Khan, DMD & CBO of Prime Bank, Md. Mamunur Rashid, DMD of X Index Companies handed over the mandate letter to Shams A. Muhaimin, SEVP & Head of Structured Finance of Prime Bank. Imtiaz Ahamed Bhuiyan, EVP of Prime Bank, Abdul Wasi FCMA, SVP of X Index Companies and other executives of X Index Companies and Prime Bank were also present.

X Index Companies (XIC), one of the leading business conglomerates of Bangladesh, started its journey with Index Architects Limited in 1977 which is the flagship entity of the group. Architect Md. Mazherul Quader is the founder of the Group. He has designed and constructed notable structures i.e. Aarang Plaza, BRAC Centre etc. in Bangladesh as well as in UAE, Liberia, Sri Lanka, Uganda and few other countries. The group diversified its business in the field of real estate development, building construction, manufacturing of ceramics, feed manufacturing, poultry farming and hatchery etc. Major concerns of the Group are X-Ceramics Ltd., Monalisa Ceramics Ltd. and Index Agro Industries Ltd. etc.

The Sponsors of X Index Companies are planning to implement two power projects in the name of Tangail Palli Power Generation Ltd. (“TPPGL”) and Kanchan Purbachal Power Generation Limited (“KPPGL”) on Build, Own and Operate (“BOO”) basis.

Prime Bank is mandated to raise syndication finance for project of TPPGL and KPPGL respectively as Lead Arranger. It may be mentioned here that, the syndication finance of X- Ceramics Ltd., the successful ceramic project of X Index Companies was arranged by Prime Bank in 2009.

Prime Bank started its journey of loan syndication in 1999 and raised around BDT 32.0 billion through 32 syndication transactions for glass manufacturing, pharmaceuticals, ceramic, tourism, textile industry, chemical, micro credit and agricultural finance, infrastructure development, telecom etc. Among these, some of the projects are considered first of its kind in the country.
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