Star Industrial Holding to build bilateral ties with Prime Bank - Share market analysis of dhaka stock exchange, Bangladesh

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11 May, 2015 11:07 AM Source: The Financial Express Bangladesh

Lebanon-based Star Industrial Holding Ltd (SIH) is going to invest around USD 100 million in Bangladesh for its upcoming projects in ceramic & porcelain tiles, faucet, sanitary ware and table ware.

The Lebanese conglomerate disclosed this during a recent business meeting held at a city hotel between Ahmed Kamal Khan Chowdhury, Managing Director & CEO of Prime Bank and Dr. Khater Massaad, Chairman of Star Industrial Holding Ltd, according to a meeting source.

Dr. Massaad was in Dhaka to attend the launching programme of sanitary ware production of Star Ceramics, Bangladesh.

Star Ceramics Ltd Bangladesh plant started the commercial operation of tiles from January 1, 2013 with production of 12,000 meter square per day at Riaznagar, Madhabpur, Habigonj.

In May 2014, Star Ceramics started the second line of tiles with production of 10,000 meter square per day.

Prime Bank Limited as Lead Arranger financed through syndication to implement the ceramic tiles and sanitary ware manufacturing project of Star Ceramics Limited in 2013.

SIH Ltd. is an industrial holding established in 2012 to invest in a number of global ceramics and porcelain manufacturing projects. SIH has invested in various countries including Bangladesh, India, Kingdom of Saudi Arabia, Ethiopia, Nigeria and Morocco. In each country of operation, SIH partners with local renowned strategic groups to create individual companies specialized in the production of ceramic sector.

"Star Ceramics will be recognized as a leading global manufacturer and innovator of ceramic and porcelain tiles, sanitary ware, table ware and faucets by catering to all customers' needs and requirements. With the extensive experience of the SIH team in the industry, we promise to offer excellent and unique products with superior quality at a balanced cost", the meeting source quoted Dr. Khater Massaad.

During the bilateral discussion, Dr. Khater Massaad expressed his satisfaction on diversified customized services of Prime Bank to Star Industrial Holding group and to choose Bangladesh to set up joint venture industry.

Commenting on the development, the managing director of Prime Bank Ahmed Kamal said, "Bangladesh has been able to maintain a sustainable growth despite global meltdown and domestic odds. The macroeconomic stability during the half a decade has indeed been unprecedented. Our central bank's pragmatic monetary and financial policies are also contributing towards maintaining lower inflation, competitive par value of Bangladesh Taka and comfortable foreign currencyreserve position despite episodes of global economic recessions."

"Strong capital base, risk weighted capital adequacy, liquidity and leverage ratio of banking sector in Bangladesh have been maintained as per BASEL-II guidelines, creating avenues for smooth transition to BASEL-III guidelines which has already come into effect in 2015 as per Bangladesh Bank's (i.e. central bank) guideline", the MD & CEO of Prime Bank also disclosed to the Lebanese entrepreneur.

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