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2019-07-09 21:27:53 BdST

Sea Pearl Beach Resort to make debut July 16

Trading of the shares of Sea Pearl Beach Resort & Spa Limited will commence on DSE from July 16 under 'N' category, according to a disclosure posted on the DSE website.

DSE Trading Code for Sea Pearl Beach Resort & Spa Limited is "SEAPEARL" and DSE Company Code is 29004.

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.

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