BSEC okays Sea Pearl Hotel’s Tk 15cr IPO

Staff Correspondent | Published: 00:00, Feb 21,2019 | Updated: 23:06, Feb 20,2019

 
 

Bangladesh Securities and Exchange Commission has approved Sea Pearl Beach Resort and Spa Limited’s proposal to raise Tk 15 crore from the capital market through initial public offering.
The company, which owns Royal Tulip hotel at Cox’s Bazar, will float 1.5 crore shares at an issue price of Tk 10 each.
A BSEC meeting, presided over by its chairman M Khairul Hossain, approved the IPO proposal on Tuesday, said a BSEC press release.
The company will use the IPO fund to buy interior, finishing and furniture for the resort’s rooms, purchase land, and to meet up IPO expenses.
As per the entity’s audited financial statement for the year ended on June 30, 2018, Sea Pearl’s net asset value per share and weighted average earnings per share are Tk 10.48 and Tk 0.41 respectively.
Banco Finance and Investment Limited and Prime Bank Investment Limited are the issue manager of the company’s IPO.
The commission at the meeting also allowed Export Import Bank of Bangladesh to float non-convertible mudaraba subordinated bond worth Tk 600 crore.
The face value of each unit of the bond will be Tk 1 crore.
The bonds to be issued by the bank, will be fully redeemable in seven years.
Only corporate bodies, financial institutions, eligible investors and funds will be allowed to subscribe the bonds through the private placement.
The bank will fulfill the requirement for Tier II Capital Base by raising capital through the bond issue.
Green Delta Insurance Company is the trustee of while Standard Chartered Bank is the mandated lead arranger of the bond.

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