Shoosmiths advises CDC Group on its investment into Bangladesh manufacturing company
March, 2018 - Birmingham, England
National law firm Shoosmiths has advised the UK’s development finance institution CDC Group on its $15 million investment into RFL Electronics Ltd, which will grow the Bangladeshi company’s manufacturing capacity.
The funding will be used to acquire specialist equipment for RFL Electronics’ state-of-the-art facility, in Narsingdi, which produces consumer electronic goods for the local market.
CDC is investing alongside Standard Chartered Bangladesh, which is providing a further $3 million.
Over the course of CDC’s seven-year lending period it is expected the funding will create more than 2,500 manufacturing jobs.
Rebecca Mauleverer, partner at Shoosmiths who led on the deal, said: “We were very pleased to be working with CDC in relation to this loan. The work CDC does is extremely important and beneficial to many people, giving them employment and security.”
Banking partner Linda Williams and solicitor Sophie King assisted Rebecca Mauleverer.
CDC says its investment will meet the growing demand for electronics in Bangladesh, and help the company grow. Its funding allows the company to import equipment to modernise its manufacturing base while access to long-term debt capital, in both local and foreign currency, remains limited in the country.
RFL Electronics produces television sets, refrigerators, air conditioners, rice cookers and many other electronic goods which are sold under the Vision brand. It is part of the Pran-RFL Group of companies which is a diversified conglomerate specialising in food products, beverages, plastic goods and furniture.
CDC is wholly owned by the government and aims to support the building of businesses throughout Africa and South Asia, create jobs and make a lasting difference to people’s lives in some of the world’s poorest countries.
ENDS
Notes to editors
About Shoosmiths:
Shoosmiths LLP is one of the most active UK law firms in the area of advanced manufacturing and tech start-ups, acting for founders, investors, funders, and research organisations, who look to the firm for VCT, EIS and SEIS tax advice, IP and commercialisation. Shoosmiths was recently 'Highly Commended' in the EIS Awards 2017.
Nationally, the corporate team has been ranked in the top four firms for deal volume for the past four years – Experian MarketIQ’s M&A Review.
Shoosmiths PR contact information:
Kara Shadbolt, national PR and communications manager
[email protected]
03700 86 4169
Lee Perry, PR and communications executive
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03700 86 4152
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Chris Plant, PR and communications executive
03700 864154
[email protected]
