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IDLC to act as lead Arranger and agent for financing a dry dock project at Chittagong

Managing Director, Karnafuly Ship Builders Limited (KSBL) Engineer M A Rashid and CEO & Managing Director of IDLC Finance Limited (IDLC) Selim RF Hussain signed a Term Sheet on behalf of their respective organisations, where KSBL mandates IDLC to arrange USD 105.00 million to establish a dry dock project in Chittagong

Managing Director, Karnafuly Ship Builders Limited (KSBL) Engineer M A Rashid and CEO & Managing Director of IDLC Finance Limited (IDLC) Selim RF Hussain signed a Term Sheet on behalf of their respective organisations, where KSBL mandates IDLC to arrange USD 105.00 million to establish a dry dock project in Chittagong

Karnafuly Ship Builders Limited has recently mandated IDLC Finance Limited as Lead Arranger and Agent to arrange USD 105.00 million Term Loan Finance to set up a Dry Dock project at Badalpura, Anwara, Chittagong. This project is expected to cost USD 150.00 million (equivalent to BDT 12,000 million approx).

There is one Dry-Dock facility in Bangladesh currently but at 20,000 tons, it is not large enough to meet local or international demand. Karnafuly Ship Builders Limited, a reputed local ship building company in operation since 1994, is planning to set up a much larger Dry Dock which will repair ocean going large sized vessels of more than 50,000 tons.

The project is expected to generate significant foreign currency earnings. the Company has already purchased 20 acres of land at the left bank of the river karnafuly at Badalpura Chittagong. Required regulatory approvals have been accorded for construction of Dry Dock and usage of the river front.

Engineer M. A. Rashid, Managing Director, Karnafuly Ship Builders Limited and Selim R.F. Hussain, CEO & Managing Director of IDLC Finance Limited signed the Term Sheet on behalf of their respective organisations.

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