PHOTO: BRAC BANK

STAR BUSINESS DESK

BRAC Bank PLC has arranged a Tk 500 crore non-convertible, cumulative and fully redeemable preference share facility for United Mymensingh Power Limited, a concern of United Group, marking the largest redeemable preference share transaction in Bangladesh’s history.

The bank organised a programme at Crowne Plaza Dhaka Airport in the capital on Saturday to celebrate the transaction, according to a press release.

BRAC Bank acted as the lead arranger and agent for the deal, with participation from City Bank PLC and Uttara Bank PLC.

Speaking at the event, Moinuddin Hasan Rashid, chairman and managing director of United Group, said strong collaboration among local banks and innovative financial solutions are essential to mitigating global economic shocks and sustaining Bangladesh’s industrial growth through trusted domestic partnerships.

Tareq Refat Ullah Khan, managing director and CEO of BRAC Bank PLC, said the landmark transaction reflects the growing maturity of Bangladesh’s capital market and the He added The proceeds will support United Group’s upcoming development and expansion initiatives.

Md Abul Hashem, managing director and CEO of Uttara Bank PLC, along with senior officials from the participating institutions, was also present at the event.

Moinuddin Hasan Rashid, chairman and managing director of United Group; Tareq Refat Ullah Khan, managing director and CEO of BRAC Bank PLC; and Md Abul Hashem, managing director and CEO of Uttara Bank PLC, pose for a group photograph after a programme celebrating the transaction at Crowne Plaza Dhaka Airport in the capital on Saturday.