Bangladesh, Sept. 30 -- Eastern Bank PLC (EBL) has arranged a USD 10 million Shariah-compliant term finance facility for Samuda Shipping Limited (SSL), a concern of T.K. Group of Industries. EBL acted as arranger, security agent and account bank for the deal.

The financing will fund the acquisition of MT Samuda, a 22,000 MT edible oil tanker, to support crude palm oil imports for TK-Samuda Group's edible oil refineries from key regional markets, including Indonesia and Malaysia. The vessel will also give the group flexibility for third-party chartering, according to a media release.

The USD 14 million acquisition is being financed through a USD 10 million, seven-year Shariah-compliant facility from the Islamic Corporation for the Deve...