Berger Paints Bangladesh Ltd, one of the leading paint solution brands in the country, has announced that it will be borrowing USD 60 million from its UK-based parent company J&N Investments (Asia) Limited. The loan will be utilized to open letters of credit (LC) for raw material imports and will be disbursed in phases based on the company’s business requirements.
The board of directors at Berger has already approved the regulations for the planned loan agreement, and the organization is now applying to the Bangladesh Investment Development Authority (BIDA) for its approval. Interest rates and repayment periods for the credit will be determined by regulatory authorities during the approval process.
According to Sazzad Rahim Chowdhury, Director, and Chief Financial Officer at Berger, the decision to take the loan was necessary as most banks are currently experiencing a shortage of dollars. “At Berger, we wanted to ensure that we have access to sufficient raw materials as per our requirements and serve our honorable customers seamlessly. It is also a part of our commitment to extend a hand to the country’s foreign currency reserve,” he added.
Berger Paints Bangladesh is known for its innovation and responsible business operations, with more than 250 years of rich heritage. It became listed with the Dhaka Stock Exchange in 2006 and has a paid-up capital of BDT 46 crore. The company is constantly determined to revolutionize superior quality products and services and is one of the fastest-developing paint companies in the country.
With the loan secured, Berger can continue to provide unparalleled services to its customers and meet the painting needs of the country. The loan agreement is expected to be approved by regulatory authorities soon, and Berger can continue to focus on its commitment to excellence and trustworthiness in the industry.
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