Bangladesh-based Ananta Apparels to raise up to $6m from IFC

Photo: Reuters

Ananta Apparels Ltd (AAL), a Bangladesh-based clothing firm, will raise up to $6 million as a long-term debt from International Finance Corp (IFC), it said in a disclosure.

AAL is setting up a washing plant in its readymade garments factory located at Adamjee Export Processing Zone of Bangladesh.

The loan proceeds will be used to fund the machinery of the washing plant, the company said.

Founded in 1992, AAL is a ready-made-garments manufacturers and exporters. The company mainly focuses on jeans, trousers, suits among others. The 43.09 per cent stake of the company is held by Sharif Zahir, 29.40 per cent owned by Asif Zahir, 6.84 is held by Qamrun Nahar, 5.13 per cent is owned by Ishtiaq Alam, 13.75 per cent is held by Brummer & Partners and 1.79 per cent is owned by IFC.

The company employs over 17,000 people and exports its garments to to leading global brands.

For IFC – the World Bank Group investment unit – this will be the third investment in the region this month. It has also committed to provide a loan of up to $50 million to Dhaka-headquartered Prime Bank Ltd and $40 million to Dhaka-headquartered Bank Asia Ltd.

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