Janata Bank calls auction for Beximco factories

Janata Bank PLC has issued an auction notice to sell off the factories, land, and head office of Bangladesh Export Import Company (Beximco) Limited in an effort to recover over Tk 13.22 billion in defaulted loans, even as the government pursues an international leasing arrangement to revive the troubled conglomerate’s textile operations.

The bank today published advertisements in several newspapers announcing the auction of Beximco’s mortgaged assets to settle the outstanding loans, including accrued interest calculated up to 31 October.

Interested bidders have been asked to submit their offers by 10 December.

At the same time, Janata Bank has also called an auction for the assets of Asses Fashions Limited, seeking to recover its outstanding default loan of Tk 11.33 billion as of 31 October.

According to Janata Bank’s auction notice, Beximco’s assets up for sale include 3,527 decimals of land and factories in Gazipur, 146.65 decimals in Ashulia, and 440 decimals in Narayanganj. The bank has also moved to auction the company’s 15-storey corporate headquarters, BEL Tower, located in Dhanmondi.

This follows another auction notice published on 21 November for assets belonging to three Beximco Group companies: International Knitwear & Apparel Limited’s Unit-1 and Unit-2 valued at Tk 17.55 billion, Urban Fashions valued at Tk 7.24 billion, and Apollo Apparels worth Tk 8.16 billion.