Peninsula Chittagong to expand hotel building

FE Online Report | Published: September 09, 2018 12:51:19 | Updated: September 13, 2018 12:01:44

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The board of directors of The Peninsula Chittagong has decided to renovate and expand the hotel building, said an official disclosure on Sunday.

The cost of the said renovations and expansion outlets has been estimated to be Tk 124.20 million that will be arranged from company’s own source and bank or financial institution loan.

The company expected that renovation and expansion of the hotel building will be completed within six months.

The board of directors of the company has also recommended 5.0 per cent cash dividend for the year ended on June 30, 2018.

The board has also decided to bring changes in the mode of utilisation of initial public offering (IPO) proceeds and its implementation schedule and amendment of Articles of association which is subject to the approval of the shareholders in the Extraordinary General Meeting (EGM).

The date of EGM and Annual General Meeting (AGM) will be held on October 30. Time of EGM & AGM: 9:30am and 10:30am respectively, at Chittagong Club in Chittagong.

The record date for EGM & AGM is October 01.

The company has also reported earnings per share (EPS) of Tk 0.62, net asset value (NAV) per share of Tk 30.81 and net operating cash flow per share (NOCFPS) of Tk 0.85 for the year ended on June 30, 2018 as against Tk 0.53, Tk 30.68 and Tk 0.74 respectively for the same period of the previous year.

There will be no price limit on the trading of the shares of the company today following its corporate declaration.

Each share of the company, which was listed on the Dhaka bourse in 2014, closed at Tk 34.60 each on Thursday, losing 4.68 per cent over the previous day.

The company also disbursed 5.0 per cent cash dividend for the year ended on June 30, 2017.

The company paid-up capital is Tk 1.18 billion and authorised capital is Tk 3.0 billion, while the total number of securities is 118.66 million.

The sponsor-directors own 39.04 per cent stake in the bank while institutional investors own 19.36 per cent, foreign 0.14 per cent and the general public 41.46 per cent as on July 31, 2018, the DSE data shows.

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