Sayeman Beach Resort Ltd has declared to buy 25 lakh shares of The Peninsula Chittagong Ltd at the prevailing market price through the public market of the Dhaka Stock Exchange (DSE).
Sayeman will buy the shares within the next 30 working days, read a company disclosure by Peninsula on the DSE website on Sunday.
Peninsula's Chairman Mahboob-Ur-Rahman is also the managing director of Sayeman.
The Peninsula Chittagong Ltd commenced operations as the only four-star hotel in Chattogram in 2006 and went public in 2014.
Due to the first wave of the pandemic in 2020, the hotel's business was so seriously hurt that its earnings per share (EPS) dropped by a staggering 94% to Tk0.05 in fiscal 2019-20, compared to the previous fiscal.
But the hotel recovered nearly half of its pre-pandemic net profits and posted an annual EPS of Tk0.41 in the 2020-21 fiscal year, thanks to the reopening of the economy.
In the July-September quarter of 2021, its EPS stood at Tk0.31, compared to Tk0.27 a year ago.
Peninsula's share price increased 24.9% in the first 16 days of January this year, following 57% gains in 2021.
The stock closed 7.8% higher at Tk44.2 per share on Sunday at the DSE.