Sukuk trading starts for first time at DSE

Bangladesh Export Import Company’s (Beximco) ‘Sukuk’ has started trading on the country’s main stock exchange, Dhaka Stock Exchange (DSE). 

That was the first transaction of any Sukuk in the country’s stock market.

Sukuk’s trading began on Thursday at a ceremony held at Nikunja’s DSE Tower. The chief guest was Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister and Vice Chairman of Beximco Group.

DSE Chairman Yunusur Rahman presided over the function and Shibli Rubaiyat Ul Islam, chairman of Bangladesh Securities and Exchange Commission (BSEC), was special guest.

The trading code on the DSE of Beximco Green Sukuk Al Istisna Bond, which is in the ‘N’ category on the bourse, is ‘BEXGSUKUK’ and the company code is 26008.

In June last year, the BSEC approved Tk 3,000 crore ‘Green Sukuk Bond’ for expansion of Beximco Textile Unit and implementation of Beximco’s two government-approved subsidiary renewable power generation projects (Teesta Solar Limited and Karatoya Solar Limited).

This five-year secured convertible or redeemable asset-backed Sukuk is the first green Sukuk approved by the BSEC. 

The 3,000-crore Green Sukuk has been earmarked for an IPO of Tk 750 crore. The remaining Tk 2,250 crore was collected through private placement.