Beximco sukuk's price surges by 5.43%

The unit price of Beximco Green Sukuk Al Istisna'a today (6 August) surged by 5.43% or Tk2.5 to Tk48.50 each, according to data of the Dhaka Stock Exchange (DSE). 

The trading of the sukuk began on 13 January 2022.

Its two years trading data showed Sukuk price declined from Tk85 each to Tk43 each on 5 September 2024 after the fall of the previous government. 

Today, the trading value of its unit was Tk27 lakh and 56,831 units were traded in 48 transactions.

Beximco Limited, a flagship company of Beximco Group issued the bond and raised Tk3,000 crore funds from the capital market in 2021 to invest in renewable energy projects such as the Teesta Solar 200 MW project in Gaibandha and the Korotoa Solar 30 MW project in Panchagarh.

Teesta is currently running while Korotoa is still under construction.

Beximco's much-talked-about Tk3,000cr 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.

With around 5,600 institutional and retail investors holding the Sukuk, which matures in December 2026, the clock is ticking.

Concerns have mounted in recent months over whether Beximco will be able to generate enough cash to repay the principal, especially as Beximco Group is in trouble after the regime change in August last year.