Share prices of the Sea Pearl Beach Resort and Spa Ltd (SPBRSL), a newly listed family based leisure business in Cox’s Bazar soared irrationally that’s why stakeholders are sensing artificial price game behind it.
The company declared a 5 percent stock dividend for the year 2019 but price of the same rose by 20 times from Tk 16.20 to Tk 72.00 within a period of only 52 weeks.
“If an individual invest Tk 70 each for a Tk 10 share of Sea Pearl he would get Tk 0.20 dividend as stock. It is completely abnormal rise of Sea Pearl against this corporate disclosure,” Mortazur Rahman, a share trader said.
The Sea Pearl is the 5th listed company in the ‘Travel and Leisure’ sector in the Dhaka Stock Exchange (DSE).
The company raised Tk15 crore through IPO and of the fund and invested 71.2% for interior, finishing, furniture and fixture, Tk 17.8% for land acquisition and Tk11.0% for paying IPO expenses.
The company is a luxury hotel in Bangladesh which started commercial operation on September 17, 2015.
As per the BSEC approval — under the fixed price method — Sea Pearl Beach Resort offloaded 1.5 crore ordinary shares for Tk10 each.
As per the latest financial statement submitted on June 30, 2018, the company’s net asset value (NAV) per share stood at Tk10.48, while the weighted average of earnings per share (EPS) was Tk0.41.
Banco Finance and Investment Limited and Prime Bank Investment Limited acted as the issue manager for the IPO process.
Sea Pearl Beach Resort & Spa Limited was incorporated in Bangladesh on May 26, 2009 under the Companies Act 1994 as a private limited Company and subsequently Converted into public limited company on November 14, 2017 with Register of Joint Stock Companies and Firms (RJSC).
The registered address of the Company is 4 K B Ismail Road, Mymensingh. The Company’s Corporate Office is located at UTC Tower (Level 14), 8 Panthapath, Karwan Bazar, Dhaka, 1215.
Sea Pearl Beach Resort & Spa Limited, started its commercial operation from 17 September 2015. The company held Franchise Agreement with GT Investments BV (the “Franchisor)”, a limited liability company organized under the laws of the Netherlands, having its registered office at Arnhemseweg 2, 387 CH Amersfoot, the Netherlands dated June 01, 2014.
The Company constructed its Five Star Resort and Hotel Complex on a total land area of 15 acre with ten story building having total floor area of nearly 450,000 sft.
Sea Perl The Complex has operate 241 number of rooms out of 493 guest rooms, 7 restaurants, 1 bar, 2 conference rooms, 1 hall room, 1 health club, 2 swimming pools, 2 tennis courts, vehicle parking place and all other guest facilities associated with a world class resort and hotel.