Sea Pearl Resort to acquire stake in Shamim Enterprises
The latter is involved in building flyovers, bridges, hospitals
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Sea Pearl Beach Resort & Spa Ltd has decided to acquire 30 per cent shares of non-listed Shamim Enterprises (Pvt.) Ltd.
Shamim Enterprise has been engaged in the construction business since 1984. Sea Pearl Beach will buy 33.91 million shares of Shamim Enterprises at the price of Tk 10 each, amounting to Tk 339 million.
The company informed the Dhaka Stock Exchange on Tuesday through price sensitive information that the decision was taken at a board meeting held Monday, subject to approval of shareholders in an extraordinary general meeting.
Sea Pearl authorities said Shamim Enterprises is a highly profitable company. Investing in Shamim Enterprises will be highly profitable for Sea Pearl and its shareholders, they said.
Shamim Enterprises has been working on various mega projects under the directorate of Bangladesh Roads and Highways and on foreign-funded projects.
It has completed the construction of mega projects, including multi-storied commercial buildings, flyovers, international standard 5-star hotels and hospitals. Currently, Shamim Enterprises is in charge of maintenance and e-toll collection of major bridges in Bangladesh.
It is a partner organisation in the upgrading of "Joydevpur-Debogram-Bhulta-Madanpur (Dhaka By-pass) Road (N-105)" into a four-lane.
Shamim Enterprises (Pvt) owns 30 per cent of this mega project worth about Tk 32 billion. The work will be completed by 2024.
Sea Pearl will be responsible for maintenance and toll collection of the project for 22 years.
The project will generate an annual profit of approximately Tk 2 billion. The 30 per cent ownership of Shamim Enterprises will generate an annual income of approximately Tk 600 million, according to a statement.
As a result, the annual profit of Sea Pearl Beach Resort will be increased by nearly Tk 180 million.
Each share of Sea Pearl Beach Resort, known as Royal Tulip Sea Pearl Beach Resort, closed at Tk 312.50 on Tuesday, rising 0.29 per cent over the previous day.