The Financial Express

Envoy Textiles finalises €10.80m loan deal with ADB

| Updated: December 08, 2022 10:17:58

Envoy Textiles finalises €10.80m loan deal with ADB

Envoy Textiles, a leading denim manufacturer and exporter, has finalised the deal with the ADB to get € 10.80 million in loan for purchasing machinery for its second spinning unit.

The board has gone ahead with the long-term borrowing agreement with the Asian Development Bank (ADB), said the company in a filing with the Dhaka Stock Exchange website on Monday.

The repayment period is seven years, including a grace period of 1.5 years.

Despite the news, the stock did not move up from the floor price -- Tk 43.90. It has remained stuck at the floor since September 21.

The company has also informed that the new unit will be automated and more energy efficient, and will have an annual yarn production of 3,600 tonnes to be used for mainly in-house production of denim fabrics.

Earlier in May this year, the company accepted an offer from the Manila-based lender of the loan meant for its second spinning unit.

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