Home / Knowledge / News / Textiles / Malek Spinning Mill to receive financial aid from EBL
Malek Spinning Mill to receive financial aid from EBL
04
Sep '08
In accordance with the Paripassu Security Sharing Agreement, the Eastern Bank Limited along with seven other leading financial institutions of the country would provide Tk3,520 million to Malek Spinning Mills Limited.

Of the total, Tk630 million would be provided as term loans, Tk230 million as working capital while Tk2660 million will be given as non-funded working capital. The seven other financial institutes are Bank Limited, HSBC, One Bank Limited, Trust Bank Limited, Shahjalal Islami Bank Limited, IPDC Limited and CitiBank N.A.

The signing ceremony of the agreement was attended by A Matin Chowdhury, Managing Director of Malek Spinning Mills Ltd, Ali Reza Iftekhar, Managing Director and CEO of Eastern Bank Limited, Shahed Noman, Managing Director of Dhaka Bank Ltd, Farman R Chowdhury, Managing Director of One Bank Ltd, Muhammad Ali, Managing Director of Shahjalal Islami Bank Ltd, Masih-Ul Huq Chowdhury, Managing Director of IPDC Ltd, Ishtiaque Ahmed Chowdhury, Deputy Managing Director of Trust Bank Ltd, Syed Rafiqul Haque, Executive Vice President and Area Head, Corporate Banking of EBL, Abrar A Anwar, Director and Head of Corporate Banking, CITI Bank NA, and Mahbub-Ur-Rahman, Head of Corporate Banking, HSBC.

While addressing the guests on the occasion, Mr Chowdhury expressed gratitude to the banks for their relentless support and announced that in order to make the most of the growing demand for the company's quality products, the mill would head for a further expansion by going to the capital market within this year.

Cotton USA Licensee Malek Spinning Mills Ltd started operations in 1990 with 6,000 spindles and currently it has around 63,000 spindles. Last year, the mill achieved a total production of 12.58 million kilograms of yarn and a turnover of Tk2,400 million.

They have recently started another mill called Salek Textile Ltd. which will produce 42 tons of open end yarn per day.

Must ReadView All

Textiles | On 24th Jan 2017

Textile industry demands relaxation of laws from Budget

The upcoming Union Budget 2017-18 should focus on relaxing certain...

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search