Beximco Sukuk hits upper circuit with 9.8% gain
With the increase of its unit price, the sukuk become second top gainer on the Dhaka bourse today
Beximco Green Sukuk Al Istisna'a, an Islamic bond issued by Beximco Limited, hit the upper circuit with a 9.80% gain in its unit price today (11 August), according to trading data from the Dhaka Stock Exchange (DSE).
DSE data showed that its unit price jumped by Tk5 to close at Tk56 each, with a total trading value of Tk21 lakh and around 40,000 units traded on the exchange.
With the increase of its unit price, the sukuk become second top gainer on the Dhaka bourse today.
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Within the five trading sessions from 4 August to yesterday, its unit price has surged by Tk10 following the discussion for increasing the tenure of the bond as repayment concern arisen.
The tenure of five-year term bond to be expired in December 2026.
The paid-up capital of the corporate bond green sukuk is Tk2809.24 crore divided by 28.03 crore unit at Tk100 each.
The trading of the sukuk begin on 13 January 2022.
Its two years trading data showed Sukuk price declined from Tk85 to Tk43 each on 5 September 2024 after the fall of the previous government.
Issuing the Islamic bond, Beximco Limited raised Tk3,000 crore funds from the capital market in 2021.
Beximco's much-talked-about Tk3,000 crore Green Sukuk, with just over a year to maturity, is under growing scrutiny as investors worry over principal recovery.
In response, the Bangladesh Bank, along with key regulators, are now planning to extend its five-year tenure.
A 10-member committee, led by Deputy Governor Md Kabir Ahmed, was formed recently to review and restructure the Sukuk's terms.
The committee includes top officials from the central bank, Investment Corporation of Bangladesh (ICB), the trustee of the Sukuk, the Bangladesh Securities and Exchange Commission (BSEC), the Power Development Board (PDB), and several leading banks.
Around 5,600 institutional and retail investors holding the Sukuk. Concerns have grown in recent months over Beximco's ability to generate sufficient cash to repay the principal, particularly as the Beximco Group has faced difficulties since the regime change in August last year.
