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Beximco to issue $350m bonds

Bangladesh Export Import Company Ltd (Beximco) approved issuance of up to $350 million foreign currency convertible bonds on Thursday.
The shareholders of the company unanimously took the decision in an extra ordinary general meeting (EGM) at Beximco Industrial Park in Gazipur. The terms and conditions such as coupon rate and conversion price will be fixed at the time of issuance by the company’s board of directors.

The bonds would be converted into a maximum of up to 100 million ordinary shares of Tk 10 each. However, this is subject to (a) the approval of Board of Investment (BOI) and Securities and Exchange Commission (SEC); and (b) satisfactory legal and accounting by Jones Day and Emst and Young respectively.
The shareholders also approved the issuance of 16,490,463 ordinary shares of Tk 10 each and approved acquisition of approx 100 per cent shares of International Knitwear and Apparels Ltd, Beximco Fashions Ltd, Crescent Fashion and Design Ltd and Freshtex Bangladesh (Pvt) Ltd and the Lands and Building of Beximco Engineering Ltd including BEL Tower, subject to the consent of the Securities and Exchange Commission (SEC).
The meeting also approved increasing authorised share capital of the company from Tk 500,00,00,000 to Tk 1000,00,00,000. 
The meeting was presided over by Salman F Rahman, vice chairman of the company, while Iqbal Ahmed, OK Chowdhury, Dr Abdul Alim Khan, directors, Rafique-ul Huq, legal advisor, and Md Asad Ullah, executive director of corporate affairs and company secretary, also attended the meeting.

Source: .The Independent (Friday, September 16, 2011).

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