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Frontier Fund's equity investment in Rahimafrooz's battery project

Star Business Report
Frontier Fund, the local partner of Brummer and Partners, yesterday made its first -ever equity investment in Rahimafrooz's global expansion project to develop its automotive battery export business.
Khalid Quadir, CEO of Frontier Fund, and Feroz Rahim, group managing director of Rahimafrooz, signed an agreement on behalf of their respective organizations.
accelerate the growth of private enterprises, as well as boost up the country's economic growth.
Feroz Rahim said the agreement will help promote the growth and accelerate the process of internationalisation of the company.
However, the size of this investment was not unveiled. Earlier, Khalid told The Daily Star that the initial investment in any company would range from $5 million to S10 million.
Such an equity fund is generally
in Bangladesh in July with a fund of $53 million and expressed its interest in investing in private equity as well as the capital market.
The potential sectors to get such investment include banks, automobile, pharmaceuticals, healthcare, education and IT.
In November Brummer and Partners, Sweden's largest hedge fund manager, plans to grow its fund to about $500 million from $53 million in Bangladesh in the next five
“The investment deal marks a significant first step for Brummer and Partners in Bangladesh to provide private equity for successful, well-reputed and highly professional business groups, such as Rahimafrooz," said Khalid Quadir.
He said such investments will help
invested in firms by purchasing certain equity shares of those companies and sharing their profit with the investors. Investors can recover the fund only when the companies sell their shareholdings to other investors.
Frontier Fund started its operation
years.
The Swedish firm looks to take advantage of Bangladesh's being one of the fastest-growing economies in the South Asian region as it benefits from its geographical proximity to India and China and for its cheap labour force, according to a Bloomberg report.