BSEC approves Royal Tulip IPO

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Bangladesh Securities and Exchange Commission (BSEC) has approved the initial public offering (IPO) prospectus of Sea Pearl Beach Resort and Spa Ltd (owners of Hotel Royal Tulip Sea Pearl Beach Resort in Cox’s Bazar), aimed at raising Tk15 crore.

Stock market regulator BSEC approved the IPO at a commission meeting held in Dhaka on Tuesday.

BSEC Chairman M Khairul Hossain presided over the meeting, according to a press release.

As per the BSEC approval—under the fixed price method—Sea Pearl Beach Resort will offload 15 million ordinary shares for Tk10 each.

According to the financial statement ended 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 will act as the issue manager for the IPO process.

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