BEXIMCO to settle investors’ claims on 3 debentures

Staff Correspondent | Published: 22:32, May 24,2021

 
 

Bangladesh Export Import Company Limited has taken steps to settle its liability to investors against its three debentures as per a Bangladesh Securities and Exchange Commission instruction.

The three debentures are Beximco Textiles Limited, Beximco Denims Limited and Beximco Synthetics Limited.

The trustee of the debentures, Investment Corporation of Bangladesh, issued a notification regarding the settlement on Monday.

The ICB asked the debenture holders to place their claims, including capital and interest, to the investment corporation by June 5.

Debenture is a debt instrument which lets the company to collect the face value of the debentures from the lenders.

The company is liable to pay a specific interest on the face value every year and also bound to pay the face value to the lenders after the validity expires.

Earlier on September 30, 2020, the BSEC decided to delist two debentures issued by DOEL Group of Industries Limited— BD Zipper 14 per cent Debenture and BD Luggage 14 per cent Debenture — after repaying the general investors’ claims.

The country’s two stock exchanges were asked to jointly operate an escrow account to pay the claims of debenture and shareholders at face value or issue price or negotiated price.

Eight debentures were listed on the Dhaka Stock Exchange before 1998 but have not been traded for a decade.

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