PHOTO: CITY BANK

STAR BUSINESS DESK

City Bank PLC has arranged a syndicated term loan worth Tk 234 crore for Far East Spinning Industries PLC to support the company’s ongoing expansion project.

The financing will help fund the addition of 28,500 spindles to the company’s production capacity. The project is expected to commence commercial operations in early 2027.

City Bank acted as the mandated arranger, agent and participating lender for the transaction, according to a press release issued by the bank. Dhaka Bank PLC and Eastern Bank PLC (EBL) also participated in the syndication, while Bangladesh Infrastructure Finance Fund Limited (BIFFL) provided bilateral support for the transaction.

Speaking on the occasion, Mashrur Arefin, managing director and chief executive officer of City Bank PLC, said syndicated financing provides an effective platform for mobilising capital and supporting reputable businesses that contribute to Bangladesh’s economic development.

“We are pleased to support Far East Spinning Industries through this transaction,” he added. Asif Moyeen, chairman of Far East Spinning Industries, said the project is progressing as planned and is expected to begin commercial operations in early 2027.

“The expansion will enable us to better serve the growing needs of Bangladesh’s textile and apparel sector,” he said.

Osman Ershad Faiz, managing director and chief executive officer of Dhaka Bank PLC; Hasan O Rashid, managing director and chief executive officer of EBL; and Anisuzzaman Chowdhury, chief executive officer of BIFFL, along with senior executives from the participating financial institutions and members of the board of directors of Far East Spinning Industries, were also present at the event.