Shamim Enterprise to transfer its 40% stake in Sea Pearl to Sundarban Eco Resort  

Sea Pearl Beach Resort and Spa Limited – a firm listed on the stock market – has secured the nod of the securities regulator to transfer its 40% stake held by Shamim Enterprise to Sea Pearl Sundarban Eco Resort, which is owned by the same management.

Shamim Enterprise, a non-listed firm and the mother company of Sea Pearl Beach Resort, holds around 4.88 crore shares, or 40.40% of the company located in Cox's Bazar.

Each share of Sea Pearl Beach Resort, which is known as Royal Tulip Sea Pearl Beach Resort, was traded at Tk228 on Thursday, and based on that price, the value of Shamim Enterprise's stakes would be Tk1,112 crore.

In a meeting on Wednesday, the Bangladesh Securities and Exchange Commission (BSEC) approved the share transfer deal between the two non-listed firms.

According to sources, after transferring the shares of the company, the Sea Pearl Beach Resort may acquire Shamim Enterprise, which has been engaged in the construction business since 1984, for the expansion of its business nature.

When the Shamim Enterprise will be free after transferring shares, the Sea Pearl Beach Resort's management has a plan to acquire it, but the acquisition is yet to be finalised as there are many processes to complete, say sources.

Sea Pearl Sundarban Eco Resort operates a place for recreation purposes at Batiaghata in Khulna, where the company has planned to build a five-star hotel in the future.

Then, after receiving the shares, the Sundarban Eco Resort will sit on the board of the Sea Pearl Beach Resort and Spa as a sponsor.

"Share transfers have been approved," BSEC Chairman Professor Shibli Rubayat-Ul Islam told The Business Standard.

"The non-listed firm will transfer its shares to another company, and later it will merge with Sea Pearl Beach Resort. So the strength of the company will increase," he added. 

The share price of Sea Pearl Beach Resorts has significantly risen in recent times owing to the spread of information about share transfer or acquisition.

According to the Dhaka Stock Exchange (DSE), the share price of the company has increased by 410% in the last six months to Tk228 each on Thursday from Tk44 on 20 July last year.

Earlier, another sponsor director Bengal Vacation Club Limited, a marketing arm of the Sea Pearl Beach Resort, declared to sell 43.43 lakh shares of the company in November from its 8.23% holding, or 940,296 shares as of June 2022.

Before the sale declaration, the Bengal Vacation Club bought 20 lakh shares from the public market in October last year.

Md Azaharul Mamun, company secretary of Sea Pearl Beach Resort, told TBS, "As per regulatory approval, the 40% shareholdings of Shamim Enterprise will be transferred to Sea Pearl Sundarban Eco Resort, where the management is now operating a resort and has planned to build a five-star hotel."

He stated that the acquisition of Shamim Enterprise was "not final yet" but that it "may be acquired by the Sea Pearl Beach Resort later."

Sea Pearl Beach Resort and Spa Limited started its commercial operation in 2015 to carry out resort and hotel business.

The company got listed on the stock exchanges in 2019 by raising Tk15 crore from the stock market.

When the Covid-19 pandemic broke out in fiscal 2019-20, the company incurred a loss due to fewer guests in the hotel, as well as loan repayment.

Besides the hotel business, the Sea Pearl has started a new business to operate a passenger cruise ship tour package programme based on the Khulna-Sundarban-Khulna route.

In fiscal 2021-22, the company reported a 44% growth in revenue from guests and a 119% growth in profit over the previous fiscal year.

The company will pay a 15% cash dividend only to general shareholders.