Unitholders of Beximco Green-Sukuk Al Istisna will get a 5.80% interest in the first half of its first year against a face value of Tk100.
The Investment Corporation of Bangladesh (ICB), the trustee of the Sukuk, has recommended the half-yearly periodic payment from 23 December 2021 to 22 June 2022. Its trustee committee met on 2 June.
On 2 June, per Sukuk unit was trading at Tk87.50 on the Dhaka Stock Exchange (DSE).
As a result, the Sukuk unitholders will eventually receive interest at more than 13% annually if the trustee again recommends the same interest for the second half of the year, and it will be the highest among all saving products in the country.
To identify the Sukuk unitholders, the record date has been fixed for 22 June.
Beximco Green-Sukuk Al Istisna is the first-ever asset-backed security by Bangladesh Export Import Company Limited.
The private entity Beximco had issued Tk3,000 crore – the first-ever private sector asset-backed Islamic securities – to invest in its solar and textile businesses.
The base rate of the Sukuk was set at 9%, which means investors will be getting a 9% secured annual return.
Investors can gradually convert their Sukuk units to Beximco shares over its five-year tenure, but they can only convert a maximum of 20% of the total in a year.
The Sukuk fund would be invested mainly in implementing solar projects of Teesta Solar Ltd and Korotoa Solar Ltd – both are subsidiaries of Beximco Ltd's subsidiary Beximco Power Company Ltd.
Its trading debut on the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) was on 13 January 2022.