Borak Real Estate holds roadshow to raise Tk400cr

The real estate company’s profit in the fiscal 2022-23 stood at Tk652 crore that was 20 times of what it was in the previous fiscal

Borak Real Estate — a concern of the Unique Group — is planning to raise Tk400 crore from the capital market through an initial public offering (IPO) under the book-building method. 

On Wednesday, the company arranged a roadshow at the hotel Sheraton Dhaka where the company presented its business status and future plan to the eligible investors.

Of the IPO fund, Borak Real Estate will use Tk200 crore for constructing a seven-star hotel in Gulshan, Tk100 crore for Hotel Taj, and Tk100 crore for loan repayment.

According to its prospectus, the real estate company’s profit in the fiscal 2022-23 stood at Tk652 crore that was 20 times of what it was in the previous fiscal, despite its revenue declining to Tk74 crore from Tk94 crore year-on-year.

When questioned by institutional investors about the substantial growth in profit, the company explained that it earned Tk700 crore from fair value gain on revaluation. This addition to its profit is the reason behind the surge in profitability.

Noor Ali, Managing Director of Borak Real Estate, stated at the event that investors will not be deceived if they invest in Borak. He emphasized that neither he nor his family engages in dishonest practices. He acknowledged that some oppose his work out of jealousy and requested not to take these oppositions into account.

 

Source: The Business Standard

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Iram Hoque

Mohd. Iramul Hoque (Iram) completed his bachelor’s degree in Industrial Engineering in 2018 from Purdue University.

He joined Deloitte Consulting LLP as a Consulting Analyst based out of New York City having previously worked in similar roles at PricewaterhouseCoopers LLP & Landis+Gyr.

Iram left consulting and returned to Bangladesh to take up the family business. Realizing the opportunity in the capital market in Bangladesh, Iram worked relentlessly to found Columbia Shares & Securities Ltd in 2021.

Md Saiful Hoque

Md. Saiful Hoque received his bachelor’s degree in Civil Engineering from Columbia University in 1986 followed by a master’s degree from Texas A&M University in 1988. Upon completion of his Graduate Degree, he joined Gulf Interstate Engineering Company in Houston, USA serving as a Project Engineer.

He returned to Bangladesh in 1992 to join Columbia Enterprise Ltd., the family business of Shipping and Freight Forwarding services. In addition, he has built flourishing businesses manufacturing Garment’s Accessories and Fast-Moving Consumer Goods.