FE Report

Eastern Bank Ltd (EBL) has arranged a syndicated term loan facility of Tk 775 million for Regent Power Ltd (RPL) to set up a 22-MW power plant at Barabkunda in Chittagong under independent power producers (IPP) arrangement of the government.

Out of the loan, BDT 620.00 million would be funded under Investment Promotion and Financing Facility (IPFF), a World Bank-financed project co-financed by the government and implemented by Bangladesh Bank.

The participating banks and NBFIs in the syndication are Eastern Bank Ltd, IDLC Finance Limited and Uttara Finance and Investments Ltd for IPFF fund and Bangladesh Commerce Bank Ltd, Trust Bank Ltd and State Bank of India for general term loan.

A formal singing ceremony between Regent Power Ltd and participating financial institutions was held in the city Monday, said a press release.

Speaking on the occasion, EBL MD-cum-CEO Ali Reza lftekhar acknowledged the contribution of World Bank, Bangladesh Bank, IPFF, Infrastructure Investment Facilitation Centre (IIFC) officials in this regard. Iftekhar also thanked the participating banks for showing their confidence on EBL and assured that EBL shall continue its efforts to bring quality transactions in the market. He wished RPL all the success.

Regent Power Ltd is a private limited company incorporated in 2007 and a concern of Habib Group of Chittagong. The company has an authorised capital of Tk 1,000,000,000 (One billion) and paid up capital Tk 2,700,000 (two million and seven hundred thousand).

The shareholders of the company include Yakub Ali, Mahbub Ali, Yasin Ali, Anjuman Ara Begum, Amina Mahabub, Salma Yasin and Kaltimex Energy of Indonesia, represented by SS Das. Yasin Ali is one of the directors of IFIC Bank Ltd and Anjuman Ara Begum is one of the directors of National Credit and Commerce Bank Ltd.

Habib Group was founded in 1947. Habib Group business include -- textile, apparel, spinning, cement, ship-breaking, paper, steel, fertiliser, share and securities, real estate, power and trading. The group has more than 9000 people in its pay roll.