Sea Pearl upgraded to B, stock gains nearly 8%
Following the changes in category, today (3 June), share price of the hotel and tourism sector firm surged by 7.78% or Tk3.5 each to Tk48.50 each at the Dhaka Stock Exchange (DSE)
After over five months in the Z category due to non-compliance for failing to hold its annual general meeting (AGM), Sea Pearl Beach Resort has been reinstated to the B category following a delayed AGM.
Following the changes in category, today (3 June), share price of the hotel and tourism sector firm surged by 7.78% or Tk3.5 each to Tk48.50 each at the Dhaka Stock Exchange (DSE).
In a disclosure issued yesterday, the DSE reinstated the company to the B category with effect from 3 June as its AGM held on 2 June and approved the declared 7% cash dividend by the general shareholders for the year ended on 30 June 2024.
The DSE requested the stock brokers and merchant bankers to abstain from providing loan facilities to purchase the securities of Sea Pearl Beach Resort & Spa Limited in between 1st and 7th trading days following the change of categorisation.
According to the company, after declaration of dividends for FY24, its AGM was scheduled on 28 December 2024.
However, a week before the scheduled AGM, the Sea Pearl postponed the AGM.
Then, the DSE downgraded the company to the Z category after issuing notification for non-compliance.
In the first nine months of 2024-25 fiscal (FY25), which is to be ended on 30 June, it incurred heavy losses worth Tk22.38 crore with Tk1.85 loss per share as its revenue plummeted significantly to Tk51.39 crore from Tk153.10 crore in the same time of the previous fiscal year.
During the July to March segment of FY24, its net profit was Tk42.12 crore with an earnings per share (EPS) of Tk3.82.
