Sea Pearl Beach Resort & Spa Limited, listed on the Capital market, has decided to acquire 30 percent shares of its subsidiary Shamim Enterprises (Pvt.) Ltd. (SEPL).
The company informed the Dhaka Stock Exchange (DSE) on Tuesday (14 March) that this decision was taken at the 79th Board of Directors meeting held on the virtual platform on Monday (March 13).
However, this investment will be made with the approval of the shareholders through the AGM.
Shamim Enterprises (Pvt:) Ltd. is an older company under the same management. Sea Pearl will buy 3,39,08,160 shares of Shamim Enterprises at the price of Tk 10.
In the price-sensitive information published on DSE’s website, Sea Pearl authorities said Shamim Enterprises is a highly profitable company. Investing in SEPL will be highly profitable for Sea Pearl and its shareholders.
Note that, Shamim Enterprises is an ISO 9001-certified international standard construction company. Since its establishment in 1984, it has been working on various mega projects under the Directorate of Bangladesh Roads and Highways, Directorate of Bridges, ADB, IDA, World Bank, SFD & FID, KFW, and GOB with a reputation.
Apart from this, it has completed the construction of various mega projects including multi-storied commercial buildings, flyovers, international standard 5-star hotels, and hospitals. This organization is currently in charge of the maintenance and e-toll collection of major bridges in Bangladesh.
Also, it has been playing a role as a partner organization in the construction of various important mega projects in Bangladesh. Among them, one of the largest and first PPP projects in Bangladesh, “Upgrading of Joydevpur-Debogram-Bhulta-Madanpur (Dhaka By-pass) Road (N-105) into 4 lanes” has been under construction since 2018.
Shamim Enterprises (Pvt) Ltd owns 30 percent of this mega project worth about Tk 3,200 crore, which is about 38 percent complete. 100% work will be completed by 2024. Sea Pearl will be responsible for the maintenance and toll collection of the project for 22 years.
The project will generate an annual profit of approximately Tk 200 crore after maintenance and repayment of bank loans with toll collection money, from which the 30 percent ownership of Shamim Enterprises will generate an annual income of approximately Tk 60 crore.
In view of this income, the annual profit of Sea Pearl Beach Resort & Spa Ltd. will increase by approximately Tk 18 crore.
The authorities believe that the general shareholders of Sea Pearl Beach Resort & Spa will enjoy a higher rate of dividend in increasing profits and will play a significant role in the overall business expansion of Sea Pearl Beach Resort & Spa Ltd. and its reputation in the international environment.
TDM/SNE
