FE Report

Dhaka Bank Ltd has arranged a syndicated facility of Tk 385 million term loan for United Sugar Mills Ltd (USML).

An agreement to this effect was signed recently at the head office of Dhaka Bank Ltd for the expansion project of the existing sugar producing unit of the mill.

The expansion project will be financed by seven banks under the syndicated term loan facility, according to a press release.

United Sugar Mills Ltd started its commercial production in June 2006 and the expansion project will increase the production capacity of the plant from 900 tonnes to 1500 tonnes a day.

United Sugar Mills, a sister concern of the country's one of the largest conglomerates, Meghna Group, has been supplying finished sugar in the local market with reputation since 2006 under the brand name 'fresh sugar'.

Mostafa Kamal, chairman of Meghna Group, Khondker Fazle Rashid, managing director of Dhaka Bank, Erfanuddin Ahmed, managing director of Bank Asia, S Prabazar, country manager of Commercial Bank of Ceylon Plc, Fakhrul Alam, deputy managing director (DMD) of Eastern Bank, Faruq M Ahmed, DMD of AB Bank, Abul Shahjahan, DMD of Social Islami Bank, and Monindra Kumar Nath, DMD of Mercantile Bank, signed the agreement on behalf of their respective companies.