PRAN Agro Business Ltd

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The group of companies known as PRAN Group (“PRAN” or the “Group”) was established in 1981 and is the leading branded food and beverage group and the largest agro-processor in Bangladesh. The Group is a well-known household brand in Bangladesh, and produces more than 400 food products in at least 10 major categories including juices and drinks, snacks, dairy, spices, confectionary and frozen foods. PRAN exports to 134 countries around the world. PRAN is planning (i) a capacity expansion of several of its existing food products (fruit juices, biscuits, noodles, and spices) through a US$65 million capital expenditure investment at PRAN Agro Business Limited (PABL) as well as (ii) a refinancing of short term working capital facilities at PRAN Agro Limited (PAL) and Natore Agro Limited (NAL) of BDT1,600 million (up to US$20 million) for a total project cost of approximately US$85 million (the “Project”). The capacity expansion will be undertaken at PABL, an entity of the PRAN Group, at two sites in Natore and Rajshahi.  The expansion will include the following components:(i)            setting up an aseptic pulping facility in Rajshahi for increasing fruit-based beverage capacity;(ii)            increasing production capacity of spice products;(iii)            expansion of noodle-making capacity and backward integration into flour milling;(iv)            developing a distribution channel of 1,500 distributors; (v)            modernizing existing operations.