Subscription of the Unique Hotel and Resorts Limited, owned by The Westin Dhaka, is expected to begin early December, subject to approval of the securities regulator, officials said.
Unique Hotel with current paid-up capital Tk 2.30 billion will offload 30 million ordinary shares of Tk 10 each in the stock market using the book building method.
The luxury hotel will raise capital from the market for its business expansion.
"If everything goes well, subscription of the issue might begin from early December," said an official of BRAC-EPL Investments Limited that acts as issue manger of the company.
"IPO prospectus will be submitted at the end of this month to the SEC for approval," he added.
Khaled Yusuf Farazi, chief executive officer of BRAC-EPL presented the company's fundamentals at a road show arranged for wooing the eligible institutional investors in the city Wednesday.
Such road show is a pre-requisite of the book building regulations before price discovery through bidding by the institutional investors.
Earnings per share (EPS) for 2010 of the hotel has been forecast at Tk 4.80, which was Tk 3.20 at the end of 2009, according the issue manager. The proposed indicative price is Tk 211 each share.
Managing Director of Unique Hotel Noor Ali said he has a plan to set up 5 more luxury hotels in near future, three in Dhaka and one in Chitagong, the commercial capital, and the other in Cox's Bazar.
Set up in 2007, The Westin has emerged as one of the leading luxury hotels in the capital city. The hotel, managed by the US chain hotels operator Starwood, has 241 rooms, six restaurants and five meeting venues.
Presently, the two state-owned entities -- Bangladesh Services and Bangladesh Hotels -- are listed on the Dhaka Stock Exchange. Bangladesh Services owns Dhaka Sheraton and Bangladesh Hotels owns the Purbani International.
At the road show, general manager of The Westin Dhaka Atique Rahman and vice chairman of BRAC-EPL Saiful Islam also spoke.
Source: http://thefinancialexpress-bd.com
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