B Mirror Report:  Paramount Textile PLC’s plan to raise Tk 3.3 billion through a bond issuance has been put on hold after the Bangladesh Securities and Exchange Commaission (BSEC) suspended the application, citing failure to meet key regulatory requirements.

According to BSEC sources, the company has yet to appoint a trustee for the proposed bond, even after a significant lapse of time since submitting the application. In addition, the audited financial statements submitted with the proposal have expired, creating further obstacles to regulatory approval.

The decision was communicated in a recent letter from the BSEC’s Capital Restructuring Department to the company’s managing director, stating that the application cannot be processed under the current circumstances.

Paramount Textile initially applied on June 29, 2025, to issue a Tk 3.3 billion non-convertible, fully redeemable, unsecured fixed-rate third zero-coupon bond. However, nearly a year later, the process has failed to progress due to incomplete preparations.

Officials indicated that the application could be reconsidered if the company fulfills all requirements, including appointing a trustee and submitting updated audited financial reports.

The delay has cast uncertainty over the company’s capital-raising plans, as the bond proceeds were intended to support business expansion. Market analysts say such delays and compliance gaps in large fundraising initiatives can negatively impact investor confidence.

Previously, on February 22, 2024, BSEC had approved a Tk 2.5 billion unsecured, non-convertible, fully redeemable zero-coupon bond for the company at its 901st commission meeting. Sena Kalyan Insurance Company Limited was appointed as trustee, while NDB Capital Limited acted as the arranger for that issuance.