The board of directors of The Peninsula Chittagong, a hotel service company, has decided to renovate and expand its hotel building.
The cost for the renovations and expansion has been estimated Tk 124.20 million, according to a disclosure posted on the Dhaka Stock Exchange (DSE) website on Sunday.
The company said the fund will be arranged from the company's own source and loans from bank/financial institutions. The renovation and expansion work is expected to be completed within six months.
The board of the company has also recommended 5.0 per cent cash dividend for the year ended on June 30, 2018.
The board has also decided to bring changes in the mode of utilisation of the proceeds from the initial public offering (IPO) and its implementation schedule and amendment of articles of association, which is subject to the approval by the shareholders in the extraordinary general meeting (EGM).
The company raised a fund worth Tk 1.65 billion in March 2014 by offloading 55 million ordinary shares at an offer price of Tk 30 each, including Tk 20 as premium.
The EGM and annual general meeting (AGM) will be held at 9:30am and 10:30am respectively on October 30 next at Chittagong Club in Chittagong. The record date for EGM & AGM is on October 01.
The company has also reported earnings per share (EPS) of Tk 0.62, net asset value (NAV) per share of Tk 30.81 and net operating cash flow per share (NOCFPS) of Tk 0.85 for the year ended on June 30, 2018 as against Tk 0.53, Tk 30.68 and Tk 0.74 respectively for the same period of the previous year.
Despite the expansion news, the company's share price fell 4.33 per cent to close at Tk 33.10 each on Sunday.
The company also disbursed 5.0 per cent cash dividend for the year ended on June 30, 2017.
Its paid-up capital is Tk 1.18 billion and authorised capital is Tk 3.0 billion, while the total number of securities is 118.66 million.
The sponsor-directors own 39.04 per cent stake in the company while institutional investors own 19.36 per cent, foreign 0.14 per cent and the general public 41.46 per cent as on July 31, 2018, the DSE data shows.
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