ONE Bank will arrange syndicated finance worth Tk 2110 million for financing Argon Spinning Limited for setting up a specialized spinning mill.

M. Fakhrul Alam, Managing Director of ONE Bank Limited, and Anwar-ul Alam Chowdhury, Managing Director of Argon Spinning Limited signed the agreement on behalf of their respective sides in the city recently.

Other senior officials of both organizations were present on the occasion.

ONE Bank, a leading commercial bank of the country, being equipped with an experienced syndication unit has so far led a number of syndicated financing for the country’s leading business groups like BSRM, MI Cement, PRAN, Sinha, Sunman, Aman, Alltex and Northeast Medical.

Evince Group, a fastest growing business conglomerate of the country having concentration in textile and clothing has undertaken a specialized spinning mill at Hobigonj in the name of Argon Spinning Limited, mainly to meet its captive yarn requirement.

In this connection, they have mandated ONE Bank to act as Lead Arranger, Facility Agent and Security Agent of the proposed syndicated finance of Tk 2110 million for the project.

The project is expected to come into commercial operation by September 2015.