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Catching up with the global trend of cross-border acquisition

July 10, 2018

One of the leading conglomerates of the country, Akij Group, acquired two Malaysian companies in a transaction involving USD 77 million (about BDT 6.44 billion) that included USD20 million taken from Bangladesh. This was the first cross-border acquisition by any Bangladeshi company.
Akij Group provided USD 20 million from its ERQ (exporters’ retention quota) account after taking special permission from Bangladesh Bank (BB) for the investment and received USD 24.50 million as financial assistance from the German development finance institution DEG, a concern of Germany’s kfw, a German government-owned development bank, USD 13.50 million from Standard Chartered Bank Malaysia Berhad (StanChart), and USD10 million from a UK-based company to acquire two operating companies – Robin Resources Malaysia SDN BHD and the subsidiary Robina Flooring SDN BHD – in Mentakab, Malaysia under its investment company Akij Resources SDN BHD. The remaining cost of the acquisition came from the two companies’ dividend income.
Green Delta Capital Limited (GDCL) was the mandated lead arranger and adviser to the transaction. It provided assistance to materialize the deal and raised USD 38 million from DEG and StanChart. GDCL also acted as independent valuer of the companies. The loans were term loans of 7-9 years.

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Md. Rafiqul Islam is presently serving as the Managing Director & CEO at Green Delta Capital Limited. Due to his exceptional performance as Chief Investment Officer of GDC, Mr. Islam was promoted to lead the company to newer heights. Mr. Islam is a highly experienced professional in the realm of Investment Banking, specializing in Corporate Finance, M&A, Private Equity, Corporate Banking, Wealth & Portfolio Management.

His extensive professional background incorporates proficiency in both Debt and Equity Capital Market products. He has played a pivotal role in numerous significant transactions involving the raising of debt and equity funds, including Foreign and local Syndication and IPOs across diverse sectors such as Infrastructure, Power, Energy, Financial, Agro, Textile, Telecom, Manufacturing, FMCG, and Food processing.

Mr. Islam has substantial experience in Islamic Finance, particularly in Sukuk, covering the entire process from structuring to raising funds through Sukuk issuance for corporates. He is also adept at structuring Private Public Partnership (PPP) projects and infra deals, transforming them into bankable deals.

With a professional career spanning over 21 years, Mr. Islam has built a successful track record of consistently creating sustainable value in the fields of Investment Banking and Corporate Finance. His accomplishments include raising funds from both domestic and foreign markets for both debt and equity.

Commencing his career in 2002 with a major conglomerate in Bangladesh, Mr. Islam subsequently worked at Orascom Telecom Bangladesh (Vimpelcom) before joining BRAC EPL Investments Limited as Associate Director & Head of Structured Finance.

Mr. Islam is also acknowledged for his contributions as a keynote speaker and panelist in various international and national conferences, summits, and TV media discussions on Capital Markets, Investment Banking, Private Equity, and Venture Capital. The government of Bangladesh has recognized his efforts in promoting the country among foreign investors. Additionally, he served as the Vice President of Bangladesh Merchant Bankers Association (BMBA) for 2018 and 2019.

Mr. Islam holds a Master’s degree in Commerce with a focus on Accounting, and he has also completed his MBA in Finance from East West University, Bangladesh.