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Phoenix Leasing to launch Tk 50m IPO, Tk 300m zero coupon bonds by Dec
FE Report
9/18/2005
Phoenix Leasing Company Limited (PLCL) will float initial public offerings (IPO) worth Tk. 50 million and launch zero coupon bonds worth Tk 300 million by December next.
"Agreement with the Invest Corporation of Bangladesh (ICB) has been completed to enter into the bond market through issuing Tk 3.0 billion worth of bond by December," Managing Director of the PLCL A. Quadir Choudhury said at a press conference Saturday.
The face value of PLCL primary share will be Tk 100.
Tk 3.5 billion cumulative lease contact and disbursement were made as on September 15. 2005.
The PLCL organised the press conference in celebration of observance of its tenth anniversary.
Chairman of the PLCL Mohammed Deen Mohammed was also present at the press conference.
Referring to leasing companies' contribution of 5.0 per cent to gross domestic product (GDP), the MD said that his company was eyeing textile and export sectors for investment with a view to strengthening the economy further.
PLCL Chairman said that they were mainly offering loans to small and medium enterprises apart from housing, taxi-cab project in Dhaka metropolitan and other potential sectors. He pointed out that the recovery rate is nearly 97 per cent from these sectors.
Praising role of small and medium enterprises (SMEs) to the growth of economy and their repayment rates, he said that the company was providing nearly 80 per cent of its total disbursement to the sector.
"We will open three more branches, two in Dhaka within 2006 and one in Bogra within 2005 with a view to facilitating the SMEs" he added.
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