Sea Pearl shareholders have proposed cash dividend to 0.50% at high court-ordered AGM

Shareholders approved the reduced payout at the court-ordered AGM, as the Cox’s Bazar-based resort operator continues to face losses and declining financial indicators.

Shareholders of Sea Pearl Beach Resort & Spa Limited have approved a reduced 0.50% cash dividend for general investors at the company’s long-delayed 16th Annual General Meeting (AGM), half the 1% payout previously recommended by its board of directors.

According to a company filing with the Dhaka Stock Exchange (DSE) today (4 October) the dividend was revised at the AGM held on 12 September 2026.

The AGM was convened following a High Court verdict passed on 21 June, which allowed the luxury hospitality company to hold the meeting through a hybrid platform combining physical attendance and virtual participation.

The meeting resolved a months-long delay for the company’s fiscal year 2024–25 corporate disclosures. The AGM was originally scheduled for 28 December 2025, with a record date of 27 November 2025, but was abruptly postponed due to unavoidable circumstances.

Following the receipt of the certified court judgment in early August, the company’s board met on 20 August to finalise the rescheduled meeting timeline.

Under the approved proposal, the payout exclusively covers general public shareholders, excluding the company’s sponsors and directors. The dividend cut reflects ongoing financial strain at the Cox’s Bazar-based resort operator, which had reported significant operational headwinds for the year ended 30 June 2025.

According to financial disclosures, Sea Pearl posted a net loss for FY25, reporting a negative earnings per share (EPS) of Tk2.46, compared to a positive EPS of Tk2.32 in the previous fiscal year. Net Asset Value (NAV) per share dropped to Tk15.28 from Tk18.49, while net operating cash flow per share (NOCFPS) fell to Tk2.44 from Tk9.38 in FY24.

The company’s performance remained under pressure through the fiscal year FY26 as well. For the July 2025–March 2026 period, Sea Pearl reported a nine-month loss per share of Tk1.63, though slightly narrowed from Tk1.85 in the corresponding prior-year period.

Third-quarter (January–March 2026) losses stood at Tk0.48 per share. As of March 31, 2026, the company’s NAV per share slid further to Tk13.66, down from Tk15.28 reported at the end of June 2025.

Market observers note that while the court-backed completion of the AGM clears regulatory backlogs, the hotel operator faces a challenging path toward profitability amid declining cash flows and persistent quarterly losses.

Source: The Business Standard