The new nation reported that Bangladeshi Eastern Bank Limited has arranged a syndicated facility of BDT 300 million medium term loan investment for Magnum Steel Industries Limited an automatic steel re rolling mill with a production capacity of 90,000 tonnes of rebars per annum.

As per report, the signing ceremony of agreements to this effect was held at Pan Pacific Sonargaon Hotel on July 16th 2008.

The participating banks are Bangladesh Commerce Bank Limited, Bank Alfalah Limited, Eastern Bank Limited, Peoples Leasing & Financial Services Limited, Social Investment Bank Limited and The City Bank Limited. EBL is the Agent and Account Bank for this transaction.

Mr Ali Reza Iftekhar MD & CEO of EBL expressed his appreciation to all lending partners for their wholehearted support towards achieving the financial close of this milestone transaction.

Mr Iftekhar also thanked the participating banks for showing their confidence on EBL and assured that EBL will continue its efforts to bring quality transactions in the market. He wished MSIL all success for the future.