Beximco Sukuk calls trustee meeting to fix half-yearly payment

Beximco Green Sukuk Al Istisna'a called a trustee meeting on 1 June to fix the payment for the first half of this year.

The Investment Corporation of Bangladesh (ICB) is the trustee of the Sukuk.

It paid a 5.80% profit against the face value of Tk100 each in the second half of 2022 (July-December). In the first half of 2022, it paid the same profit to the unit holders.

As a result, the Sukuk unitholders received a profit of 11.6% in the last year.

Investors have converted Beximco Green Sukuk worth around Tk170 crore – against an option of around Tk600 crore – into common shares of the company in the first year.

In a public disclosure on the Dhaka and Chattogram bourses, Beximco Limited said that it has credited over 1.96 crore new shares to the beneficiary accounts of 325 Sukuk investors who applied for the conversion.

As the first private sector company in the country, Beximco floated Tk3,000 crore Sukuk in 2021 to finance its two solar power plants and its textile division's green expansion.

The investors, mainly banks and some other institutions, have the right to convert 20% of their Sukuk units every year into Beximco shares at a 25% discount rate, on the 20-day average closing price of the shares prior to the record date. Unexecuted conversion rights can also be exercised in later years.

Its trading debut on the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) was on 13 January 2022.

On Monday, the Sukuk, which has a face value of Tk00, was trading at Tk85 on the Dhaka Stock Exchange.