PRAN Agro receives Tk262cr through onshore bond

Business Desk :
PRAN Agro Limited (PAL), a sister concern of PRAN-RFL Group, has successfully closed a landmark of Taka 262 crore onshore bond.

The eight-year tenor bond will allow PRAN Agro to finance its infrastructure expansion plans. MetLife Bangladesh is the sole investor in this bond.

The bond is partially guaranteed by GuarantCo.

It’s a matter of great pride that PRAN Agro has been able to receive finance from MetLife without any guarantee in some portion of this bond due to its reputation for the transaction.

The proceeds from the GuarantCo guaranteed bond will enable PRAN Agro to finance the second part of PRAN Agro’s expansion plan to increase its production capacity, in response to increased demand for its products in different export markets, said a press release.

The project includes the construction of additional factory buildings and the purchase of machinery for five product categories i.e. noodles, confectionary, culinary, cooking oil, and bakery products.

PRAN-RFL is one of Bangladesh’s largest corporates working in the field of agri and agro-processing as it is working with 100,000 registered contract farmers and directly employing 1,45,000 people.

A bond closing ceremony was held at a local hotel in Dhaka on Thursday evening where Prof.

Shibli Rubayat Ul Islam, Chairman of Bangladesh Securities and Exchange Commission, Dr. Duncan Overfield, Deputy Development Director, Government of UK, Ahsan Khan Chowdhury, Chairman and Chief Executive of PRAN-RFL group, Elena Butarova, Senior Vice President of MetLife and Nishant Kumar, Managing Director and Head of Asia, GuarantCo spoke at the programme.