The seven-year term loan will be used to purchase equipment for producing consumer electronics, the Pran-RFL Group said in a press release. Pran-RFL Group Corporate Finance Director Uzma Chowdhury and CDC Head of Corporate Debt Richard Palmer signed the agreement in Dhaka on Wednesday. Standard Chartered Bank Bangladesh will also invest an additional $3 million in RFL Electronics Limited, putting the total investment package at $18 million. Under its Vision brand, RFL Electronics produces televisions, refrigerators, air-conditioners, rice cookers, blenders, microwave ovens, electric kettles, infrared cookers, roti makers, room heaters, irons and fans in Bangladesh. Pran-RFL Group Chairman and CEO Ahsan Khan Chowdhury, RFL Group Managing Director RN Paul, CDC Head of South Asia Srini Nagarajan and CDC Investment Directors Rahul Shah, Nicolas Pitiot and Partha Shah were also present at the event on Wednesday.

Source: bd News24 February 09, 2018 03:56 UTC