Bangladesh Export Import Company Limited has appointed the Investment Corporation of Bangladesh as trustee of its Sukuk worth Tk 3,000 crore.
On Wednesday, the company sent a letter to the Bangladesh Securities and Exchange Commission regarding the matter.
Earlier, the BEXIMCO appointed First Security Islami Bank as trustee of the Sukuk, but the BSEC suggested that it should appoint the ICB as trustee.
Earlier on April 29, the company filed documents with the BSEC to get approval for issuing the Islamic Shariah compliant Sukuk.
The company has filed two applications regarding the issuance of the bonds that include debt securities worth Tk 2,250 crore and public offer worth Tk 750 crore, BSEC officials said.
BSEC and DSE officials said that there were some more works left for BEXIMCO to get the approval from the BSEC.
The BSEC would give approval as soon as the issuer and issue manager complete the remaining job done, they said.
The BSEC will scan CIB report of the two trustees, they said.
In addition, the BSEC may issue deficiency letter, if there is any deficiency in its documents.
The company will have to get the approval of trust deed from sub-registry office before taking registration of the trust deed from the BSEC registration department.
BEXIMCO has appointed City Bank Capital Resources Limited as the issue manager of the Sukuk.
A Sukuk is an Islamic financial certificate, but commonly refers to the Islamic equivalent of bonds, and is structured to generate returns in compliance with Islamic finance principles.
The tenure of the Sukuk is five years.
Half of the Tk 3,000-crore fund will be raised through private placement and the Sukuk worth Tk 750 crore would be raised from the existing BEXIMCO shareholders.
The remaining Tk 750 crore would be raised through initial public offering in compliance with the BSEC public offer rules.
The profit rate of the Sukuk will be a minimum of 9 per cent per annum.
Sukuk holders will receive their periodical profits twice a year.
Midway News Team
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