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Sea Pearl Beach makes debut Tuesday

FE Online Report | Published: July 15, 2019 11:52:43 | Updated: July 16, 2019 16:20:17


Sea Pearl Beach Resort & Spa Limited will make its share trading debut tomorrow (Tuesday) on the bourses under ‘N’ category, officials said.

The Sea Pearl Beach (The owner of “Royal Tulip Sea Pearl Beach Resort & Spa in Cox’s Bazar”) is a luxury hotel in Bangladesh which started commercial operation on 17 September 2015.

The resort raised a fund worth Tk 150 million from the capital market by floating 15 million ordinary shares at a face value of Tk 10 each using the fixed price method.

The subscription for shares of the company by the eligible investors through electronic subscription system was held between April 23 and May 06.

The Bangladesh Securities and Exchange Commission approved the IPO proposal of the company on February 19 this year.

The company’s pre-IPO paid-up capital is Tk 1.0 billion and authorised capital is Tk 2.0 billion.

The company will use the IPO fund for interior, finishing, furniture & fixture (157 rooms) 71.22 per cent, acquisition of land 17.77 per cent, and bearing the IPO expenses 11.01 per cent.

According to the financial statements ended on June 30, 2018, the company’s net asset value (NAV) per share stood at Tk 10.48 while the weighted average (three years) earnings per share (EPS) was Tk 0.41.

Banco Finance and Investment Ltd and Prime Bank Investment Ltd are jointly working as the issue manager for the IPO process.

The principal services of Sea Pearl Beach Resort and Spa Limited are: Rooms and Suites, Food & Beverage.

After completing all procedures, it will be the 5th listed company in the 'Travel & Leisure' sector in the Dhaka Stock Exchange (DSE).

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