Paragon Ceramic Industries Chairman Bilal Mamoon, City Bank Managing Director-cum-CEO K Mahmood Sattar and MDs and CEOs of participating banks seen at the Tk 650 million syndicated loan signing ceremony at a city hotel recently.

City Bank has arranged a syndicated term loan of Tk 520 million and working capital of Tk 130 million for Paragon Ceramic Industries Limited (PCIL), an export-oriented porcelain tableware manufacturing project.

The syndication signing ceremony was held at a city hotel recently, according to a City Bank communiqué.

PCIL Chairman Bilal Mamoon, City Bank Managing Director-cum-CEO K Mahmood Sattar and MDs and CEOs of participating banks were present on the occasion.

The venture sets out to tap the highly potential export market for Bangladeshi ceramic tableware products. It will also target to meet the domestic demand. The project shall be located at Gazipur and will have updated technology to produce international quality products. The project is expected to start commercial operation in the 2nd quarter of 2010.

PCIL Chairman Bilal Mamoon and Vice Chairman Ebrahim D Mamoon are engaged in aluminum profile industry for more than 20 years.

Managing Director Md Shahadat Hossain and DMD Md Morsheduzzaman have been engaged in retail and wholesale business of ceramic tableware in the country in leading positions for more than 20 years.