Largest Syndicated term loan first ever in Bangladesh: UCB & 11 other Banks for GPH extended project
GPH Ispat Limited signed a Syndicated Term Loan agreement of USD 154.00 Million with United Commercial Bank Limited (UCB) as Lead Arranger along with 11 other Banks at a hotel in Dhaka recently for GPH extended project at Chittagong.
Mr. Mohammed Jahangir Alam, Managing Director of GPH Ispat Limited and Mr. Muhammed Ali, Managing Director of United Commercial Bank Limited and signatories of respective Financial Institutions signed the Financing Agreement on behalf of their respective organizations.
Among others Additional Managing Director of UCB Mr. M Shahidul Islam, Deputy Managing Directors of UCB namely Mr. Md. Tariqul Azam, Mr. Mohammad Shawkat Jamil and Mr. Md. Sohrab Mustafa; Chairman of GPH Ispat Limited Mr. Alamgir Kabir, Additional Managing Director Mr. Almas Shimul, Director Mr. Hajee Abdur Rouf, Md Ashrafuzzaman, Mr. Abdul Ahad, CFO Mr. Kamrul Islam FCA, Media Advisor Mr. Osman Gani Choudhury, General Manager Mr. Saroj Kanti Chakroborti GPH were present the occasion.
The participating financiers were AB Bank Limited, Basic Bank Limited, Jamuna Bank Limited, Mercantile Bank Limited, Mutual Trust Bank Limited, One Bank Limited, Premier Bank Limited, Pubali Bank Limited, Southeast Bank Limited, The City Bank Limited, Trust Bank Limited and United Commercial Bank Limited.
Managing Director of UCB Mr. Muhammed Ali opined that all private banks always ready to serve good client like GPH Isapt. He also said “GPH knows how to take risk for business and we feel proud to be an arranger of this syndication.”
Speaking on the occasion Managing Director of GPH Ispat Limited opined” This is the first ever in Bangladesh for syndication arrangement by ECA backed financing of such large amount of term loan by the local private commercial Bank”.
The ultra modern long steel technology that GPH Ispat will use in the project will be first of its kind in the Bangladesh as well as in Asia region. The state-of- the art technology will ensure world-class supreme quality products. After implementation of the project, the company’s annual MS Billet production will be increased to 10,08,000 metric tons and Rebar & Sections will 7,60,000 metric tons each year including existing one. Beside this, project will create employment opportunity of about 10,000 Bangladeshi workforce. The project would contribute Taka 245 crore annually to National exchequer.
ECA consultant Dr. Nahid Hassan presented a multimedia presentation regarding syndication. Additional Managing Director of UCB Mr. Sahidul Alam has given the vote of thanks. Finally Managing Director of GPH Ispat, Managing Director of UCB and High Officials of other Banks exchange the crest.
Caption: Mr. Muhammed Ali, Managing Director of United Commercial Bank Limited and Mr. Mohammed Jahangir Alam, Managing Director of GPH Ispat Limited at the signing ceremony of a Syndicated Term Loan agreement of USD 154.00 Million along with other senior officials.