5 years ago

Sea Pearl Beach Resort to make debut on DSE, CSE Tuesday

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Sea Pearl Beach Resort & Spa Ltd is set to make its share trading debut on Tuesday (July 09) on the bourses under 'N' category, officials said.

Sea Pearl Beach Resort & Spa Limited (the owner of "Royal Tulip Sea Pearl Beach Resort & Spa Cox's Bazar"), a luxury resort & hotel in Bangladesh, started its commercial operation from 17 September, 2015.

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

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

The company will utilise 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.

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

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

The principal activities of the company throughout the period were carrying out resort & hotel business.

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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