Sea Pearl to buy 30% stake in Shamim Enterprise

Sea Pearl Beach Resort & Spa Limited is going to acquire a 30 per cent stake in Shamim Enterprise Pvt Ltd (SEPL) at an investment of Tk 33.91 crore.

The board of directors of Sea Pearl has approved the investment in the construction company, according to a disclosure on the Dhaka Stock Exchange. 

The company will acquire 33,908,160 shares of SEPL at Tk 10 at par subject to the approval of shareholders in an extraordinary general meeting, it said.

Md Azaharul Mamun, company secretary of Sea Pearl, said SEPL is one of the top construction companies in Bangladesh and it was engaged in the construction of the Dhaka-Mymensingh highway and a flyover project in Chattogram, among notable projects.

It is one of the three companies that are implementing the Dhaka Bypass Expressway Project, a public-private partnership initiative, he said. "After completion of the project, we will collect tolls for 22 years."

Mamun said SEPL's annual turnover stands at Tk 200 crore to Tk 250 crore. It carries out the repair and maintenance of many large bridges and collects tolls from them.

Sea Pearl shares closed 0.29 per cent higher at Tk 312.50 on the DSE yesterday.