News Desk, bdnews24.com
Published: 2021-07-27 15:46:55 BdST
The initiative is a first for a mobile money company in Bangladesh and was announced during an investor show in New York on Monday. Nagad, one of the key partners of the road show, has already received the initial approval from the Bangladesh Securities and Exchange Commission for the bond sale.
Nagad said in a statement on Tuesday that several foreign investors had expressed their interest in the bonds.
Kiu Global, a US-based digital services company, may invest up to $30 million in the bonds.
Riverstone Capital is acting as the arranger of the bonds and Green Delta Capital will be the trustee, Nagad said.
“With the development of the capital market in Bangladesh, the bond market has also become vibrant in the recent past,” said Tanvir A Mishuk, managing director and co-founder of Nagad. “We consider this as a better source to raise investment. Moreover, Nagad has always been innovative and that is why we chose the bond market over traditional financing.”
He says the company will use the funds to build new digital infrastructure and maintain its current growth trend.
BSEC Chairman Prof Shibli Rubayat-Ul-Islam expressed the hope the initiative would encourage greater participation from leading corporations, state-owned enterprises and municipalities in debt capital.
The investor showcase, titled “The Rise of Bengal Tiger: Potentials of Trade & Investment in Bangladesh”, was organised by BSEC.
BSEC said the roadshow was aimed at showcasing the strength and opportunities of business and investment in Bangladesh for foreign investors.