M Fakhrul Alam, Managing Director of ONE Bank Limited, and Anwar-ul-Alam Chowdhury, Managing Director of Argon Spinning Limited, exchange documents on syndicated loan at a function in Dhaka recently.

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

M. Fakhrul Alam, Managing Director of ONE Bank Limited and Anwar-ul-Alam Chowdhury, Managing Director of Argon Spinning Limited exchanged documents on syndicated loan under lead arrangement of ONE Bank.

Other senior officials of both the organisations were present at the ceremony held in the city recently. ONE Bank, one of the leading commercial banks of the country, is equipped with an experienced syndication unit and has so far led a number of syndicated finance for country’s leading groups like BSRM, MI Cement, PRAN, Sinha, Sunman, Aman, Alltex and Northeast Medical, a press release said.

Evince Group, one of the fastest growing business conglomerates of the country having concentration in textile and clothing, has undertaken an initiative to set up a specialised spinning mill in Hobigonj, namely Argon Spinning Limited to meet its captive yarn requirement.

In this connection, the company has 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.