Community Bank Bangladesh PLC has signed syndication mandate agreements with R.A. Spinning Mills Ltd and Outpace Spinning Mills Ltd to arrange Tk650 crore through a syndicated financing structure.
The agreements were signed at the bank’s head office in the capital, the bank said in a press release.
Under the arrangement, Community Bank Bangladesh PLC will act as the facility arranger through its Corporate Banking Division Structured Finance Unit to coordinate the syndication process and mobilise funds from participating financial institutions.
The financing will support the operations and expansion of the two textile manufacturers, both of which operate technologically advanced spinning facilities equipped with European machinery and energy-efficient production systems.
The companies have also accessed sustainable financing facilities supported by Bangladesh Bank as part of their environmentally responsible operations.
The mills produce yarn using premium raw cotton sourced from the United States, Australia, Brazil and West Africa for both domestic and export markets.
Their operations are supported by enterprise resource planning (ERP)-based management systems to improve efficiency, transparency and operational control.
The companies maintain several international sustainability and compliance certifications, including Oeko-Tex, Supplier Ethical Data Exchange (SEDEX), Global Organic Textile Standard (GOTS), Organic Content Standard (OCS), Recycled Claim Standard (RCS), Global Recycled Standard (GRS), Better Cotton Initiative (BCI), Cotton made in Africa (CmiA) and the US Cotton Trust Protocol.
Community Bank Bangladesh PLC Managing Director (Current Charge) Kimiwa Saddat signed the mandate agreements with R.A. Spinning Mills Ltd and Outpace Spinning Mills Ltd Managing Director Razeeb Haider.
R.A. Spinning Mills Ltd and Outpace Spinning Mills Ltd Director Rubayet Haider and Community Bank Bangladesh PLC Head of Corporate Banking and Head of Business (Branch) Md Ariful Islam were also present at the signing ceremony.
