Berger Reportedly Aiming At USD 60m Loan To Ensure Seamless Operations1 min read

Leading paints solution brand Berger Paints Bangladesh Ltd has recently announced that it will be borrowing USD 60 million from its UK-based parent company J&N Investments (Asia) Limited, said a press release. The loan will be utilized to open letters of credit (LC) for raw material imports and will be disbursed in phases, based on the company’s business requirements.

Berger’s board of directors has already approved the regulations for the planned loan agreement, and the organization is reportedly now applying to the Bangladesh Investment Development Authority (BIDA) for its approval, said the press release.

The interest rate and repayment period for the credit will be determined by regulatory authorities during the approval process, said the press release.

Read more: The ACI-Colgate Joint Venture- Here’s The Why!

“The decision to take the loan was foreseeable since most banks are currently experiencing a shortage of dollars”, said Sazzad Rahim Chowdhury, Director, and Chief Financial Officer at Berger.

“At Berger, we wanted to ensure that we have access to sufficient raw materials as per our requirements and serve our honorable customers seamlessly. It is also a part of our commitment to extend a hand to the country’s foreign currency reserve”, he added.

Holding the highest reputation in the market for its innovation and responsible business operations, Berger Paints Bangladesh became listed with the Dhaka Stock Exchange in 2006 and has a paid-up capital of BDT 46 crore.

For more updates, be with Markedium.

0 0 votes
Article Rating

Get real time updates directly on you device, subscribe now.

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

0
Would love your thoughts, please comment.x
()
x
SUBSCRIBE TO OUR NEWSLETTER

SUBSCRIBE TO OUR NEWSLETTER

Join our mailing list to receive the latest news and updates from Markedium!

You have Successfully Subscribed!