Now Sea Pearl to buy 30% stake in Shamim Enterprise

Sea Pearl Beach Resort and Spa, a five-star hotel in Cox's Bazar, is going to acquire a 30% stake in its parent company Shamim Enterprise (Pvt) Ltd at a cost of around Tk34 crore.

Shamim Enterprise, a non-listed construction firm, has recently transferred 4.88 crore shares or 40.40% holding of Sea Pearl Beach Resort to the Sea Pearl Sundarban Eco Resort. All the three companies are operating under a common management.

Sea Pearl Beach Resort will buy 3.39 crore shares (30% stake) of Shamim Enterprise at Tk10 each, which is subject to approval of the general shareholders in an extra-ordinary general meeting (EGM), said the company in a disclosure published on the Dhaka Stock Exchange (DSE) website yesterday.

Shamim Enterprise is a profitable concern and investment in the company shall be a lucrative investment and beneficial for the company and its shareholders, it added.

Shamim Enterprise was established in 1984. The company's paid-up capital is Tk111 crore, and its annual turnover is around Tk200 crore.

Since inception, Shamim Enterprise has completed various mega roads and highway projects. Currently, it is in charge of maintaining and collecting tolls at a number of major bridges in the country.

It is also engaged in the project of upgrading the Joydevpur-Debogram-Bhulta-Madanpur (Dhaka By-pass) Road into a four-lane highway, which started in 2018.

Shamim Enterprise owns 30% of the project worth around Tk3,200 crore. About 38% of the work is done and it is expected to be completed by 2024.

After completing construction, Shamim Enterprise will maintain the road and collect toll there for 22 years.

Sea Pearl Beach Resort commercial operation in 2015. It got listed on the stock exchanges in 2019 by raising Tk15 crore from the stock market.

When the Covid-19 pandemic broke out in FY20, the company incurred a loss due to fewer guests in the hotel, as well as loan repayment.

Along with the hotel business, Sea Pearl Beach Resort has started operating a passenger cruise ship tour package on the Khulna-Sundarbans route.

In FY22, the company reported a 44% growth in revenue and a 119% growth in profit compared to the previous fiscal year.

It paid a 15% cash dividend only to general shareholders that year.

Since September last year, its share price skyrocketed and it jumped sharply by 461% to Tk320 each on 9 March this year. On 4 September 2022, its share price wasTk57.1 each.

On Tuesday, its share price closed at Tk312.5 each.